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.
UBS has named two replacements for its previous head of commodities, Peter Ghavami, who left the bank in October.
Scenario analysis is often used to plug the gaps that conventional data can't fill. But it might have more to offer. Duncan Wood investigates
UBS has suffered significant losses from writedowns on asset-backed and mortgage-backed securities, and warns it remains exposed to further problems in the US housing and mortgage market.
Michael Collins has joined Wachovia Securities as head of its corporate equity derivatives origination team.
UBS will report losses of Sfr4 billion ($3.4 billion) in its fixed income, rates and currencies division for the third quarter ending September 30. The write-downs were due to legacy positions from Dillon Read Capital Management, an internal hedge fund...
RBC Capital Markets has appointed Eric Olson and Ron Goldshmidt in emerging markets trading.