UBS has appointed Paul Wilkes and Clive Stocker to its metals team.
UBS will cut 5,500 jobs over the next 12 months as its losses due to subprime exposure continue, the bank announced today.
UBS has launched a tradeable index with dry freight derivatives as the underlying, dubbed the UBS Blue Sea Index (UBS-BSI).
Lack of attention, overconfidence and poor risk management procedures were at the root of UBS's subprime losses, according to a damning report released by the bank to its shareholders.
Daily news headlines
Amid countless other subprime-related lawsuits, a showdown is currently taking place between HSH Nordbank and UBS over a stricken collateralised debt obligation, named North Street. The case raises questions about practices employed at banks and across...
UBS plans to mark down more than 85% of its auction rate securities (ARS) paper, as the paralysis of the market continues into a third month.
The new UBS Bloomberg CMCI Food Index provides direct exposure to the food sector.
HSH Nordbank has filed a suit against UBS, claiming fraud caused it significant losses on a $500 million investment in a subprime mortgage-linked synthetic collateralised debt obligation (CDO) sold to the German bank in 2002.
Zurich-based Credit Suisse has unveiled a lower than expected Sfr1.3 billion writedown on leveraged finance, and structured debt and mortgage investments in the fourth quarter of 2007.
Jerker Johansson has been appointed chairman and chief executive officer (CEO) of UBS’s investment bank division. He will also join the group executive board. He will be based in London and take up his new position from March 17.
Société Générale (SG) is the latest of several banks to raise money through the capital markets after suffering multibillion-dollar losses. Unlike several Wall Street banks issuing mandatory convertibles, the French bank will sell stock and give...
Energy and Commodity Rankings 2008: Metals
UBS revealed this morning that it had taken even more damage from the US subprime debacle than it expected, with writedowns totalling $14 billion.
The three largest global rating agencies are reconsidering their approach to rating structures exposed to fluctuations in market value, with potentially unpalatable results for holders and arrangers of various structured credit products.
UBS will launch its UBS Greenhouse Index (UBS-GHI) on January 23. It is a tradable investment benchmark tracking a combination of weather futures and greenhouse gas emissions credits.
Investors in constant proportion debt obligations (CPDOs) were given an unwanted early Christmas present by rating agencies, as Standard & Poor’s (S&P) and Moody’s Investors Service put the ratings of CPDO notes on review for a possible downgrade.
UBS Global Asset Management (UBS GAM) has named Curt Custard as head of its global investment solutions division. Custard joins UBS GAM from Schroders, where he was global head of multi-asset solutions, a position he had held since 2004.
In its revised fourth-quarter outlook, UBS has changed its prediction for its results from profit to loss. This includes additional writedowns of $10 billion related to US subprime mortgage exposures.
Rating agency Moody's has cut UBS's bank financial strength rating (BSFR) from A- to B+, saying the bank still has more subprime losses to reveal.