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ARS settlements reached with Citi and UBS
The SEC finalized settlements today with Citigroup and UBS that will provide nearly $30 billion to tens of thousands of customers who invested in auction rate securities before the market for these investment products dried up in February.
UBS said to continue job purge
UBS AG may eliminate up to 4,500 more jobs in the near future, on top of the 9,000 positions already slashed in the last year and a half, according to reports published in two Swiss newspapers over the weekend.
Transcript: Wirehouse/Regional Brokerage FIrms Round Table
The following is an edited transcript of the round-table discussion.
Brokers in no rush to go independent
As much as executives at custodian firms dream about scores of wirehouse brokers going independent, they say that it's just not happening.
UBS Investments unveils donor-advised fund
The fund, UBS' first, offers a range of investment options, including exchange traded fund portfolios, mutual funds and separately managed accounts.
UBS denies needing another infusion
UBS AG today denied needing a fresh capital injection from the Swiss government after a top Swiss bank regulator told SonntagsZeitung newspaper that one might be necessary.
UBS joins ‘no bonus’ club
Top executives and senior managers at UBS AG will not receive bonuses in 2008, the company said today.
Top UBS exec indicted for tax fraud
Raoul Weil, chairman and CEO of the global wealth management division of UBS, has been indicted by a U.S. grand jury, charged with conspiring to help 20,000 wealthy Americans hide assets from the IRS.
UBS gains, Principal plummets
UBS AG reported today a third-quarter net profit of 296 million Swiss francs ($252 million) after losing 858 million francs in the year-ago period.
Ex-UBS inside trader gets stiff sentence
A former institutional client manager in UBS equity research department, was sentenced Monday to 78 months in jail after pleading guilty in an insider trading case that involved a ring of financial professionals who profited from nonpublic information from Morgan Stanley and UBS.
Investors, advisers enraged by stall in ARS relief efforts
Although thousands of investors trapped in auction rate securities sold by Merrill Lynch, UBS AG, Wachovia Corp. and other big banks and brokers are finally getting relief through regulatory-mandated repurchases by the firms, others who bought the securities through brokers untouched by the settlements are still stewing.
Credit Suisse, UBS get $14.1 billion infusion
Switzerland's two largest banks, UBS AG and Credit Suisse Group will receive approximately $14.1 billion in funding from the Swiss government or outside investors in an effort to put the two financial giants on stable footing, the banks announced today.
UBS expects modest 3Q uptick
On the heels of four straight quarterly losses, UBS AG is expecting to return a small third-quarter profit when its earnings are released Nov. 4, said the bank’s chairman, Peter Kurer.
More Lehman defections to come, experts predict
The UBS shock-and-awe hire last Wednesday of more than two dozen Lehman Brothers advisers who manage about $11 billion in assets is an indication Barclays PLC is going to have a hard time holding on to top talent in its newly acquired American wealth management division, according to industry observers.
Mayer named UBS fixed-income co-chief
UBS AG today announced the appointment of a 19-year veteran of The Bear Stearns Cos. Inc. as its joint global head of fixed income, currencies and commodities for its investment-banking unit.
UBS rich in ex-Lehman wealth advisers
UBS' wealth management division has added approximately $11 billion in assets by hiring more than two dozen financial advisers specializing in high-net-worth clients from Lehman Brothers private investment management brokerage division.
Commission-based model is fatally flawed
I read Libby Dubick's Marketing Strategies column, "Grit your teeth and make that call," in the Aug. 19 issue on reaching out to clients during this volatile time, and I couldn't agree with her more.
ARS strife claims another UBS exec
David Shulman, U.S. fixed-income chief at UBS AG, has left the bank as part of the continuing fallout from failures in the market for auction rate securities.
Citi snatches brokers from UBS and Merrill
Smith Barney has hired seven brokers from UBS and Merrill Lynch who manage a combined $625 million in assets
Firms not seen taking big hits from ARS buybacks
The repurchase of some $35 billion worth of auction rate securities by major Wall Street firms isn't expected to have a material effect on most of the companies.
