UBS
UBS commits to $18.6 billion ARS buyback
UBS has joined Citi and Merrill Lynch in agreeing to buy back auction rate securities (ARS) at par, in an offer that could affect up to $18.6 billion in securities over the next two years.
The Feds are coming
Regulators in the US are cracking down on banks in their stringent anti-money laundering campaign. Nick Kochan looks at the civil penalties being imposed on financial institutions and wonders whether they are entirely justified
New wealth management head in Japan for UBS Securities
Walter Seitz has been appointed head of wealth management at UBS Securities Japan to replace Junya Tani, who left to head Credit Suisse’s newly launched private banking operations in Tokyo.
New York sues UBS for alleged auction rate securities fraud
UBS executives sold off $21 million in personal auction rate securities (ARS) holdings just days before the market ground to a halt, while continuing to market the securities to unwitting consumers, a New York State lawsuit has alleged.
More writedowns coming at UBS
UBS will report more writedowns in its second-quarter results, due on August 12, the Swiss bank warned today.
UBS in tax evasion probe
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Four UBS directors to leave as bank steps up risk oversight
Four directors of UBS will step down in October as the bank attempts to overcome the stigma of its massive writedowns over the past 12 months.
Cultural change prescribed in response to subprime losses
As banks and other market players seek to close risk management loopholes exposed by tottering markets, some post-mortems are homing in on a broader issue: corporate culture.
Poachers strip UBS of London wealth management staff
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UBS names global capital markets heads
UBS has appointed Roberto Isolani and Matthew Koder as co-heads of its global capital markets (GCM) business, which is a recently merged division of the bank's equity capital markets and debt capital markets divisions.
UBS appoints Philip Lofts as new group risk COO
UBS has made changes to its risk division, appointing Philip Lofts as group risk chief operating officer. The appointment comes a month after the bank, which has been the biggest victim of the subprime losses, released a report to shareholders citing …
UBS in risk management shake-up
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UBS makes two hires for metals team
UBS has appointed Paul Wilkes and Clive Stocker to its metals team.
5,500 jobs to go at UBS as losses continue
UBS will cut 5,500 jobs over the next 12 months as its losses due to subprime exposure continue, the bank announced today.
UBS launches dry freight index
UBS has launched a tradeable index with dry freight derivatives as the underlying, dubbed the UBS Blue Sea Index (UBS-BSI).
UBS report lists failures in risk management
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.
SFBC aims to raise capital requirements
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Nightmare on North St
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 to write down $5.9bn auction rate securities book
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.
UBS and Bloomberg launch CMCI Food Index
The new UBS Bloomberg CMCI Food Index provides direct exposure to the food sector.
HSH Nordbank alleges fraud by UBS over CDO
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.
Credit Suisse contains credit crisis impact
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.
New chairman and CEO for UBS Investment Bank
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.