Not enough, UBS tells SEC, over Facebook loss refund

ZURICH, SWITZERLAND – The SEC (Securities and Exchange Commission) in the US said yes to a payback plan of $62 million drafted by Nasdaq OMX Group to compensate companies that lost money over Facebook’s “glitch-ridden market debut”, as Reuters puts it. One of the big losers was market leader Swiss banking giant UBS, which said […]

Credit Suisse’s Dougan gets CHF2m more, bank sets aside

ZURICH, SWITZERLAND – Brady Dougan isn’t the person who sets his pay, as chief executive officer and not chairman of the board of Credit Suisse. But his 34 percent increased compensation in 2012 is likely to set tongues wagging in Switzerland, following a vote three weeks ago in favour of curbing executive pay. The bank’s […]

UBS posts 2012 loss of CHF2.51 billion

ZURICH, SWITZERLAND – Switzerland’s largest bank, UBS, finished 2012 with a loss of CHF2.51b, the company’s financial results, published Tuesdy 5 February, show. The bulk of it, CH1.89b, came in the fourth quarter. The results come as no surprise, except that the bank’s performance was slightly better than some analysts, cited by Swiss media, expected. […]

UBS targeted by US justice officials in Wegelin bank affair (correction)

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NY tribunal opens procedure against Switzerland’s largest bank for correspondent role Parliament: both houses’ oversight committees want to hear bank surveillance body on Libor scandal ZURICH, SWITZERLAND – Legal woes with US justice authorities are not over for UBS, with new legal proceedings in New York opened Monday 28 January against the bank to investigate […]

Bern pushes its new direction for Swiss financial centre

Industry insists on its own role while Bern flexes its “integrity” muscle BERN, SWITZERLAND – The timing may have been a coincidence, but the Swiss government’s 67-page report on a how it plans to head the country’s financial centre in a new direction appeared within hours of  damning report on the country’s biggest bank, UBS, […]

UBS fine over rate setting sheds light on growing market fraud (update)

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Update 22:00  ZURICH, SWITZERLAND – UBS, Switzerland’s largest bank, will have yet another large loss on its books, $1.5 billion in fines announced late 18 December, payable to US, UK and Swiss regulatory bodies, for its part in Libor rate-fixing between 2006 and 2010. US regulators will be paid $1.2b by the bank, which was […]

UBS handed hefty UK fine and Swiss “corrective measures”

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ZURICH, SWITZERLAND – London’s FSA financial regulator has fined UBS £29.7 million (CHF44.2m) for its failure to stop trader Kweku Adoboli before he lost the bank CHF2 billion. Finma, the Swiss Financial Market Supervisory Authority, has slapped the bank with new measures, in addition to the preventive ones it took in December 2011, after Adoboli’s […]

The strange world of Kweku Adoboli

GENEVA, SWITZERLAND – Kweku Adoboli, the UBS trader who famously lost Swiss bank UBS CHF2.2 billion in unauthorized trading before he was arrested in September 2011 was sentenced to seven years in prison Tuesday 20 November, in London. Adoboli’s argument that his managers knew what he was up to and that rule-breaking was necessary to […]

UBS German clients’ homes reportedly raided

ZURICH, SWITZERLAND – The public prosecutor’s office in Bochum, Germany, said Monday that the homes  of a number of clients of Swiss bank UBS have been raided by tax investigators who suspect them of tax evasion or fraud. The search for documents is the result of a number of legal cases brought in two German […]