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| Article Title | Sentiment | Date | Summary | Stock | Id | Author |
|---|---|---|---|---|---|---|
| Article Title | Sentiment | Date | ||||
| Swiss banks trade Zurich's costly charm for Polish provinces | -7 | 2015-02-15 09:00:00+00 | Poland's zloty has fallen 11.6 percent against the Swiss franc since Jan. 15. "A Credit Suisse spokeswoman in London said the company did not disclose concrete figures on expansion plans. Credit Suisse has offshoring operations in Wroclaw, several Indian cities and Raleigh, North Carolina. However, the rise in the Swiss franc makes the economics of offshoring even more attractive. Credit Suisse is trying to make overall cost savings of 200 million francs by the end of 2017 and has said it will move more jobs to lower-cost locations. | UBS | {"Reuters Editorial"} | 193 |
| UPDATE 1-Citigroup, Goldman, UBS in $235 mln U.S. mortgage settlement | -13 | 2015-02-13 23:40:57+00 | The banks denied wrongdoing, but agreed to settle to eliminate the burden and cost of litigation, court papers show. The preliminary settlement with investors who bought the securities was made public on Friday in filings with the U.S. District Court in Manhattan, and requires court approval. The case is New Jersey Carpenters Health Fund et al v. Residential Capital LLC et al, U.S. District Court, Southern District of New York, No. It is separate from a $100 million accord that investors reached in 2013 with ResCap entities and individuals. Goldman spokesman Michael DuVally declined to elaborate on the settlement. | UBS | {"Reuters Editorial"} | 194 |
| Citigroup, Goldman, UBS in $235 million mortgage settlement | -13 | 2015-02-13 23:49:23+00 | The banks denied wrongdoing, but agreed to settle to eliminate the burden and cost of litigation, court papers show. The preliminary settlement with investors who bought the securities was made public on Friday in filings with the U.S. District Court in Manhattan, and requires court approval. The case is New Jersey Carpenters Health Fund et al v. Residential Capital LLC et al, U.S. District Court, Southern District of New York, No. REUTERS/Lucas JacksonNEW YORK Citigroup Inc (C.N), Goldman Sachs Group Inc (GS.N) and UBS AG UBSN.S agreed to pay $235 million in cash to settle U.S. litigation accusing them of concealing the risks of mortgage securities sold by the former Residential Capital LLC before the global financial crisis. It is separate from a $100 million accord that investors reached in 2013 with ResCap entities and individuals. | UBS | {"Jonathan Stempel"} | 195 |
| Ex-UBS Trader Barred From Banking for Currency Rigging | -24 | 2016-07-19 00:00:00 | The U.S. Federal Reserve banned former UBS Group AG trader Matthew Gardiner from the banking industry for life for rigging currency benchmarks, the first U.S. penalty against an individual in the three-year investigation. To read about how currency traders used chat rooms to share client trading data, click here. The Fed brought enforcement actions over currency manipulation in 2015 against UBS and Barclays Plc, where Gardiner also previously worked. Bloomberg reported in April that U.S. officials were on track to charge individuals over currency-rate manipulation as soon as this summer. Those actions resulted in UBS and Barclays paying a total of $684 million in penalties, the Fed said. | UBS | {"David Mclaughlin","Tom Schoenberg","Tom Schoenberg David Mclaughlin"} | 36 |
| Plot of Malaysia 1MDB scandal thickens as US to seize assets, Singapore cites violations at DBS, UBS, Standard Chartered | -34 | 2016-07-20 00:00:00 | DBS, UBS and Standard Chartered have become embroiled in the scandal surrounding 1MDB, with Singapore's central bank saying it had found lapses and weaknesses related to the beleaguered Malaysian wealth fund. The Monetary Authority of Singapore (MAS) said on Thursday that it found "lapses and weaknesses" in anti-money-laundering controls at the banks' Singapore operations and that it would be taking actions against them. Standard Chartered said it took financial crime compliance very seriously and that it reported the suspicious transactions when it discovered them. The assets amount in total to S$240 million ($176.82 million), with about S$120 million of that total belonging Low Taek Jho and his immediate family, it said. UBS said that it self-reported the suspicious transactions and was working with regulators on the matter. | UBS | {"Leslie Shaffer"} | 38 |
| UBS Fined by SEC Over Complex Products Sales Practices | -9 | 2016-09-28 00:00:00 | “We found that UBS dropped the ball by allowing the sales of complex financial products to retail investors without adequately training its sales force,” Andrew Ceresney, director of the SEC Enforcement Division, said in the statement. The SEC fined Bank of America Corp.’s Merrill Lynch unit in June for misleading investors and also sued UBS in October 2015 over statements tied to a currency-linked structured note. The case involved so-called reverse-convertible notes, derivatives typically tied to company stocks, the SEC said Wednesday in a statement. UBS Group AG agreed to pay more than $15 million to settle allegations from the U.S. Securities and Exchange Commission that the bank failed to properly instruct advisers on risks tied to structured products. Wall Street’s top cop has been focusing on the products, which have been criticized for their high fees and lack of transparency. | UBS | {"Matt Robinson"} | 116 |
| Cayman National Units Admit Helping Americans Avoid Taxes | -22 | 2016-03-09 00:00:00 | "Cayman National Trust and Cayman National Securities engaged in this conduct knowingly and willingly, and did so knowing it was wrong," Dack said. Cayman National Securities and Cayman National Trust pleaded guilty Wednesday in New York federal court with Stuart Dack, Cayman National’s chief executive, saying the bank advised and helped Americans evade taxes for more than a decade beginning in 2001 by helping U.S. citizens hide their money. The two Cayman National units encouraged U.S. clients to open accounts in the names of sham Cayman companies and trusts, Bharara said. After learning of the investigation of UBS Group AG around 2008, the two Cayman National units continued to maintain undeclared accounts of U.S. taxpayers. Cayman National, the parent, has offered full-service banking and investment opportunities since 1984, according to the Grand Cayman-based bank’s website. | UBS | {"Patricia Hurtado","Patricia Hurtado David Voreacos","David Voreacos"} | 137 |
| U.S. appeals court throws out investor action against UBS | -16 | 2015-02-27 17:10:01+00 | The pension funds appealed, but the 2nd U.S. A U.S. appeals court on Friday upheld a 2013 ruling that UBS AG was not liable to shareholders for saying it was able to control risk even as a rogue trader caused $2.3 billion in losses. Circuit Court of Appeals in New York said they failed to show that UBS intended to mislead them about its risk management, or that any shortcomings were severe enough to support a fraud claim. UBS highlighted the claim as outstanding in its fourth-quarter report, but did not disclose what if anything it had provisioned in case of any settlement. The losses stemmed from revelations about unauthorised and fictitious trades made by Adoboli who was convicted in November 2012 of fraud. | UBS | {"Reuters Editorial"} | 182 |
| Fitch Assigns UBS Group AG's Tier 1 Capital Notes 'BB+' Final Ratings | -14 | 2015-02-23 14:57:48+00 | (The following statement was released by the rating agency) LONDON, February 23 (Fitch) Fitch Ratings has assigned UBS Group AG's (A/Stable/F1/a) Tier 1 Capital Notes a final rating of 'BB+'. The final rating is in line with the 'BB+(EXP)' expected rating Fitch assigned to the notes on 12 February 2015 (see " Fitch Rates UBS Group AG 'A'/Stable; Assigns AT1 Notes Expected Ratings'' at www.fitchratings.com). The group targets a 13% full loaded CET1 ratio and a 10% stressed CET1 ratio (using an internal stress test). At end-2014, UBS Group AG reported a 13.4% fully loaded CET1 ratio, which is the strongest in its peer group. UBS Group AG issued a EUR1bn 5.75% note (ISIN CH0271428309), a USD1.25bn 7% note (ISIN CH0271428333) and a USD1.25bn 7.125% note (ISIN CH0271428317). | UBS | {"Reuters Editorial"} | 183 |
| UBS turns to greenshoe for CoCo deal pricing | -14 | 2015-02-19 14:17:50+00 | UBS used nearly the full greenshoe option of 10% on the two dollar tranches, but didn't increase the euro note. Lead managers can create a short equal to the size of the greenshoe option. * Debt bankers borrow equity syndication ideaBy Helene DurandLONDON, Feb 19 (IFR) - The use of a greenshoe option on an Additional Tier 1 deal from UBS could set a new template for raising risky debt capital, helping dealers to stabilise new issues. "Meanwhile, experience in the equity market shows that the greenshoe does not always work as a stabilising tool and instead is merely used by companies as an upsize option. Frequently used in equity initial public offerings, greenshoes could be a godsend for balance-sheet constrained banks when syndicating bonds. | UBS | {"Reuters Editorial"} | 184 |
| UBS, Croatia to settle U.S. lawsuit over $45 mln in Yugoslavia-era debt | -10 | 2015-02-19 15:22:09+00 | UBS filed the lawsuit in October, saying Croatia owed it nearly $45.1 million in principal and interest on the defaulted debt. The other countries fulfilled their debt obligations to UBS, the lawsuit said, leaving only Croatia in default. Croatia and UBS have negotiated for years over the debt payments but had not come to a resolution, even though Croatia acknowledged its obligations, UBS said in its complaint. The settlement-in-principle was disclosed in a letter by UBS filed with the court late on Wednesday. NEW YORK UBS AG has reached a settlement with Croatia of a lawsuit filed in New York federal court claiming the republic owed it $45 million on defaulted debt assumed after the breakup of Yugoslavia. | UBS | {"Reuters Editorial"} | 185 |
| UPDATE 2-Swiss to impose tougher capital requirements on UBS, Credit Suisse | -10 | 2015-02-18 14:33:16+00 | UBS and Credit Suisse welcomed the measures, but both said Switzerland should not press ahead with its plans before international regulators make their own requirements. )ZURICH, Feb 18 The Swiss government said on Wednesday it would lay out tougher capital requirements for UBS and Credit Suisse by the year-end, which are designed to protect the banks against future crises. * Govt to lay out tougher capital requirements* Govt says additional measures needed to boost resilience* Move intended to protect against renewed crisis* Comes in response to expert panel recommendations (Adds comment from UBS and Credit Suisse. The leverage ratio is a measure of a bank's capital to its total assets. "The individual ... measures that will now be defined need to be aligned with international developments in terms of both content and timing," Credit Suisse said. | UBS | {"Reuters Editorial"} | 187 |
| Swiss to impose tougher capital requirements on UBS, Credit Suisse | -9 | 2015-02-18 15:04:39+00 | UBS and Credit Suisse welcomed the measures, but both said Switzerland should not press ahead with its plans before international regulators make their own requirements. REUTERS/Arnd WiegmannZURICH The Swiss government said on Wednesday it would lay out tougher capital requirements for UBS UBSG.VX and Credit Suisse CSGN.VX by the year-end, which are designed to protect the banks against future crises. "A proper evaluation and disclosure of the potential negative consequences for the (Swiss) financial center and the broader (Swiss) economy is necessary," UBS said. They also said the government should make sure the proposed rules did not cause any damage to the Swiss financial sector. The leverage ratio is a measure of a bank's capital to its total assets. | UBS | {"Reuters Editorial"} | 188 |
| UPDATE 1-France issues arrest warrants for ex-UBS managers -judicial source | -12 | 2015-02-17 11:39:59+00 | ($1 = 0.8767 euros) (Reporting by Chine Labbe in Paris, additional reporting by Joshua Franklin in Zurich. France has been investigating UBS since July on suspicion of helping its wealthy clients avoid tax from 2004 to 2012. (Adds background)PARIS Feb 17 French investigating magistrates have issued arrest warrants for three former Swiss managers at UBS in connection with their investigation into whether the bank helped tax dodgers, a judicial source told Reuters on Tuesday. It was unclear if the managers worked in France or elsewhere for the Zurich-based bank. UBS last year hiked its provisions against future litigation to 1.98 billion Swiss francs, warning that this still might not be enough to cover possible fines and charges it faced. | UBS | {"Reuters Editorial"} | 189 |
| France issues arrest warrants for ex-UBS managers -judicial source | -12 | 2015-02-17 11:40:34+00 | PARIS French investigating magistrates have issued arrest warrants for three former Swiss managers at UBS in connection with their investigation into whether the bank helped tax dodgers, a judicial source told Reuters on Tuesday. France has been investigating UBS since July on suspicion of helping its wealthy clients avoid tax from 2004 to 2012. It was unclear if the managers worked in France or elsewhere for the Zurich-based bank. UBS last year hiked its provisions against future litigation to 1.98 billion Swiss francs, warning that this still might not be enough to cover possible fines and charges it faced. At the time, UBS said such calculations were "artificial, speculative and not based on facts". | UBS | {"Reuters Editorial"} | 190 |
| U.S. whistleblower summoned to testify in UBS case in France | -14 | 2015-02-17 12:31:44+00 | He must have court permission to go to Paris to appear before a judge on Feb. 27 in the French UBS investigation. UBS had been accused of helping thousands of wealthy Americans hide billions of dollars in secret Swiss accounts, and the U.S. case led to investigations of other banks. He received a record $104 million reward under an Internal Revenue Service whistleblower program. Birkenfeld, who pleaded guilty in 2008 to conspiring to defraud the United States, remains on supervised release from prison. One of Birkenfeld's lawyers said his information brought in $5 billion in taxes from banks and individuals. | UBS | {"Reuters Editorial"} | 191 |
| RPT-Swiss banks trade Zurich's costly charm for Polish provinces | -7 | 2015-02-16 07:00:00+00 | Poland's zloty has fallen 11.6 percent against the Swiss franc since Jan. 15. "A Credit Suisse spokeswoman in London said the company did not disclose concrete figures on expansion plans. Credit Suisse has offshoring operations in Wroclaw, several Indian cities and Raleigh, North Carolina. However, the rise in the Swiss franc makes the economics of offshoring even more attractive. Credit Suisse is trying to make overall cost savings of 200 million francs by the end of 2017 and has said it will move more jobs to lower-cost locations. | UBS | {"Reuters Editorial"} | 192 |
| UBS looking to take back bonuses from forex traders | -7 | 2014-11-14 23:26:03+00 | Nov 14 UBS AG, among the six banks fined this week for their role in the global foreign exchange scandal, is looking at clawing back bonuses from its traders. A UBS spokeswoman confirmed a Financial Times report, which said UBS and four other banks were preparing to take back millions of dollars in bonuses from traders. (on.ft.com/117702z)JPMorgan declined to comment on the FT report, while RBS, Citigroup and HSBC were not immediately available to comment. HSBC Holdings Plc, Royal Bank of Scotland Group Plc , JPMorgan Chase & Co and Citigroup Inc are the other banks looking to take back bonuses, according to the FT report. Regulators on Wednesday fined six major banks a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a year-long global investigation. | UBS | {"Reuters Editorial"} | 242 |
| UPDATE 4-UBS hit by warning on Swiss franc and negative rates | -19 | 2015-02-10 13:04:13+00 | "($1 = 0.9270 Swiss francs) (Additional reporting by Sinead Cruise in London; Editing by David Holmes and Keith Weir) The bank said net profit for the fourth quarter of 2014 was 963 million Swiss francs ($1.04 billion), exceeding the 937 million francs analysts had forecast. The wealth management arm won 3 billion francs in net new money, less than a third of last quarter's result, and its margin on assets slipped. UBS was hit by a bill last year of more than $1 billion to settle past scandals. "The increased value of the Swiss franc relative to other currencies, especially the U.S. dollar and the euro, and negative interest rates in the euro zone and Switzerland will put pressure on our profitability and, if they persist, on some of our targeted performance levels," it said. | UBS | {"Reuters Editorial"} | 282 |
| UBS hit by warning on Swiss franc and negative rates | -19 | 2015-02-10 13:11:42+00 | The logo of Swiss bank UBS is seen on a building in Zurich November 12, 2014. REUTERS/Arnd WiegmannZURICH UBS Group AG UBSG.VX has warned about the impact on profit of the surging Swiss franc and negative interest rates, while also disclosing another tax investigation in the United States involving wealthy clients. The bank said net profit for the fourth quarter of 2014 was 963 million Swiss francs ($1.04 billion), exceeding the 937 million francs analysts had forecast. UBS was hit by a bill last year of more than $1 billion to settle past scandals. The wealth management arm won 3 billion francs in net new money, less than a third of last quarter's result, and its margin on assets slipped. | UBS | {"Katharina Bart","Joshua Franklin"} | 283 |
| Fitch: UBS Shows Sound Performance Across Businesses in 4Q14; Pressure on Earnings Ahead | -9 | 2015-02-11 17:10:30+00 | (The following statement was released by the rating agency) LONDON, February 11 (Fitch) Fitch Ratings says that UBS AG's (UBS; A/Stable/a) 4Q14 performance demonstrated the sound operating performance of UBS Group AG's business divisions and its ability to maintain strong capitalisation. The sound asset quality of UBS Group's domestic loan book means that we expect any pressure to remain easily manageable. UBS Group confirmed its position as the largest wealth manager globally with CHF2trn assets under management (AuM) at year-end. The group's wealth management (WM) business reported CHF646m 4Q14 pre-tax profit, down 9% qoq but 37% higher than in 4Q13. Pre-tax profit in 4Q14 was 14% lower than in 4Q13, mainly because of higher provisions for litigation and regulatory matters, which amounted to CHF176m in 4Q14. | UBS | {"Reuters Editorial"} | 287 |
| Breakingviews: UBS payout hike looks hasty | -8 | 2015-02-10 15:56:21+00 | - UBS results bit.ly/1E2wBaD- Reuters: UBS shares drop after warning over impact of rise in Swiss franc The Swiss bank has trebled its annual payout to 0.75 francs a share, but predicted that the Swiss franc's rise and negative interest rates will curb profit. - UBS shares were down 4.2 percent to 15.42 Swiss francs by 1040 GMT. Most other banks are a long way from handing back the 2.8 billion Swiss francs ($3 billion) UBS has earmarked for shareholders for 2014. - Shareholders are due to receive 0.75 Swiss francs per share in dividends, three times the previous year's figure. | UBS | {"The Author Is A Reuters Breakingviews Columnist The Opinions Expressed Are His Own","Reuters Editorial","About The Author"} | 288 |
| European shares steady; UBS sinks after warning on Swiss franc | -10 | 2015-02-10 12:17:53+00 | The FTSEurofirst 300 index of top European shares, by contrast, has gained 8.2 percent over the same period. "At 1143 GMT, the FTSEurofirst 300 index was up 0.1 percent at 1,482.45 points. Europe bourses in 2015: link.reuters.com/pap87vAsset performance in 2015: link.reuters.com/gap87vToday's European research round-up(Additional reporting by Alexandre Boksenbaum-Granier; Editing by larry king) Greek banking shares bounced after recent losses, with Bank of Piraeus up 7.1 percent and Eurobank up 6.6 percent. The stock had lost as much as 72 percent in the past 12 months, hurt by worries over its exposure to Russia. | UBS | {"Reuters Editorial"} | 289 |
| Weaker oil stocks hit European equities, UBS drops | -13 | 2015-02-10 09:44:00+00 | Swiss bank UBS dropped 3.2 percent after it warned on the impact of the surging Swiss franc and negative interest rates in Switzerland and the euro zone. European Commission President Jean-Claude Juncker warned Greeks not to expect the euro zone to bow to Tsipras' demands. Greek Defence Minister Panos Kammenos said if Greece failed to get a new debt agreement with the euro zone, it could always look elsewhere for help. * Pan-European FTSEurofirst 300 index down 0.2 pct* UBS drops, warns over the impact of stronger franc* Oil shares fall the most, track weaker oil pricesBy Atul PrakashLONDON, Feb 10 European shares fell for a second day on Tuesday, with energy stocks hurt most after crude prices slid again on concerns about oil demand in China. Oil majors BP, BG Group and Royal Dutch Shell fell 1.7 to 2.3 percent, putting pressure on the broader market. | UBS | {"Reuters Editorial"} | 290 |
| U.S. launches new tax evasion probe into UBS - WSJ | -16 | 2015-02-04 23:39:09+00 | Raindrops cover the logo of Swiss bank UBS at an office building in Zurich July 29, 2014. Authorities recently subpoenaed UBS regarding the investigation, and prosecutors and FBI agents visited London to interview potential witnesses, the report said. UBS has hired a partner at Wachtell, Lipton, Rosen & Katz, to conduct an internal investigation, the Journal reported. REUTERS/Arnd WiegmannWASHINGTON U.S. federal prosecutors have launched a new probe into whether Swiss bank UBS AG helped Americans evade taxes through investments banned in the United States, the Wall Street Journal reported, citing people familiar with the investigation. UBS, which paid $780 million in 2009 to settle a separate Justice Department tax-evasion probe, is now under investigation for allegedly helping wealthy clients hide assets through so-called bearer securities, the paper said. | UBS | {"Reuters Editorial"} | 293 |
| UBS says did not suffer trading losses after SNB move | -9 | 2015-01-23 11:01:55+00 | The logo of Swiss bank UBS is seen on a building in Zurich November 12, 2014. "In aggregate, UBS did not experience negative revenues in its trading businesses in connection with the announcement," UBS said in a statement. REUTERS/Arnd WiegmannZURICH UBS UBSG.VX did not suffer any losses overall in its trading business after the Swiss National Bank's (SNB) decision to abandon its currency cap, the bank said on Friday, confirming it would return cash to shareholders after a change in legal structure. Zurich-based UBS is the third of Switzerland's three biggest listed banks to say it did not suffer losses after the SNB last week suddenly scrapped its three year-old cap on the Swiss franc. The bank said the accrual of capital had reduced its core capital by around 1 billion Swiss francs ($1.2 billion) as of end-2014. | UBS | {"Reuters Editorial"} | 295 |
| REFILE-UPDATE 1-UBS says did not suffer trading losses after SNB move | -9 | 2015-01-23 10:55:23+00 | ($1 = 0.8720 Swiss francs) (Reporting by Joshua Franklin; Editing by Miral Fahmy and Mark Potter) The bank said the accrual of capital had reduced its core capital by around 1 billion Swiss francs ($1.2 billion) as of end-2014. Zurich-based UBS is the third of Switzerland's three biggest listed banks to say it did not suffer losses after the SNB last week suddenly scrapped its three year-old cap on the Swiss franc. "In aggregate, UBS did not experience negative revenues in its trading businesses in connection with the announcement," UBS said in a statement. The end of the cap sent the Swiss franc soaring, putting big Swiss companies which have a large portion of cash in foreign currencies but report in Swiss francs under pressure. | UBS | {"Reuters Editorial"} | 296 |
| UBS defeats lawsuit over late Indonesian statesman's accounts | -19 | 2015-01-22 21:21:43+00 | Switzerland's largest bank, UBS has also been targeted by U.S. authorities in a long-running crackdown against tax evasion by wealthy Americans using secret Swiss accounts. The predecessor banks, Swiss Bank Corp and Union Bank of Switzerland, combined in 1998 to form UBS. The lawsuit is one of numerous claims against Swiss banks involving secret accounts that have attracted the assets of the world's wealthy for decades. The lawsuit was filed by AM Trust, which represents the Swiss bank claims of Malik's estate. Malik's estate made numerous efforts to recover the funds over the years, but were told no records were available, the lawsuit said. | UBS | {"Reuters Editorial"} | 297 |
| French court rules UBS bullied ex-employee | -25 | 2015-03-05 17:09:09+00 | UBS France is under investigation for complicity and denies that it assisted tax evasion and says it is cooperating with investigators. The Swiss bank denied any bullying of the ex-employee, Stephanie Gibaud, and said the dispute between Gibaud and her boss was a simple misunderstanding. Investigators issued arrest warrants for three former Swiss UBS managers and a source close to the matter told Reuters last year that UBS' fine could reach 4.8 billion euros if the case goes to trial and it loses. UBS France's parent company is under formal investigation in France for helping wealthy French clients dodge taxes between 2004 and 2012. PARIS, March 5 UBS France bullied a former worker who said she had refused to destroy documents that might have been of interest to tax evasion investigators, a Paris labour tribunal ruled on Thursday. | UBS | {"Reuters Editorial"} | 325 |
| Fitch Upgrades UBS AG's and UBS Switzerland AG's IDRs; Affirms UBS Group AG | -17 | 2016-06-14 20:16:10+00 | HOLDING COMPANY UBS Group AG's VR is equalised with those of UBS AG and UBS Switzerland AG, and reflect UBS Group AG's role as the group's holding company. HOLDING COMPANIES UBS Group AG's VR and IDRs are sensitive to the same factors as UBS AG's and UBS Switzerland AG's. Fitch has assigned common VRs to UBS AG and UBS Switzerland AG to reflect our expectation that the credit profiles of the two operating entities will remain closely connected, at least for as long as UBS Switzerland AG remains a subsidiary of UBS AG. UBS Group AG's VR and IDRs could be notched down from UBS AG's VR if double leverage at the holding company increases above 120% or if the role of the holding company changes. The joint liability of UBS AG for obligations of UBS Switzerland AG at the same date was immaterial at CHF1bn. | UBS | {"Reuters Editorial"} | 592 |
| Ex-UBS Banker Tax Trial Rides on Underling’s Credibility | -54 | 2014-10-13 00:00:00 | He is the highest-ranking official among three dozen foreign bankers, lawyers and advisers charged in a seven-year U.S. crackdown on offshore tax evasion. “Although it is extremely unfair, there continues to be a stereotype that Swiss bankers participate in concealing wealth that is the result of ill-gotten gains,” Coffey said. More than 50 UBS clients and four bankers pleaded guilty. Weil first joined Swiss Bank Corp., which later merged with Union Bank of Switzerland to form UBS, in 1984. David Zornow, an attorney for Leichti, declined to comment on his client’s appearance at the trial. | UBS | {"Susannah Nesmith","David Voreacos"} | 664 |
| UBS Beats Profit Estimates, CEO Pushes Ahead With Cost Cuts | -11 | 2016-07-29 00:00:00 | Net income slipped to 1.03 billion francs from 1.2 billion francs a year ago, the Zurich-based bank said in a statement Friday. Net new money at the division was 6 billion francs, down from 15.5 billion francs in the first quarter. Investment Bank personnel decreased by 204 in the quarter, mainly driven by ongoing cost reduction programs, the bank said. Pretax profit at the investment bank, led by Andrea Orcel, dropped 48 percent, while wealth management saw a 31 percent decrease. After thousands of job cuts in recent years, the investment bank workforce has reached the right size, Orcel has said. | UBS | {"Jan-henrik Foerster","Jeffrey Voegeli","Jeffrey Voegeli Jan-henrik Foerster"} | 692 |
| China has started bailing out its banks, UBS says | -17 | 2016-08-12 00:00:00 | But UBS' Bedford noted that China banks' write-offs and disposal of bad assets have risen three-fold since 2013. The murky balance sheets of China's banks have long spurred fears of an impending crisis, but the clean-up may already be proceeding apace, UBS said. China's banking sector has long spurred concerns that its non-performing loans (NPLs) were grossly underreported and that lending too often was politically directed into industries with too much capacity. During the global financial crisis, China's government used the banks to inject stimulus into the broader economy. "Recapitalization and bailouts have started and made unexpected (and under-appreciated) progress," he said, adding that UBS research suggested 2015 was the first year since the early 2000s with sizable bank bailouts. | UBS | {"Qilai Shen","Bloomberg Getty Images","Leslie Shaffer"} | 726 |
| UBS Said to Trim Some Securities Jobs as Ermotti Cuts Costs | -11 | 2016-05-19 00:00:00 | At UBS, Ermotti scaled back the investment bank, eliminating thousands of jobs, to focus on wealth management after taking over in 2011. At least a dozen London-based employees in the securities unit lost their jobs this week, said the people, declining to be identified because the matter remains private. The securities unit had the weakest earnings since the global financial crisis in that period, as trading revenue plunged by a quarter. Switzerland’s biggest bank, led by Sergio Ermotti, signaled earlier this month that it’s looking for ways to cut costs further when reporting a 64 percent drop in first-quarter profit. Advisory and trading revenue at UBS will probably drop more, or 28 percent, the analysts wrote. | UBS | {"Jan-henrik Foerster","Jeffrey Voegeli","Aaron Kirchfeld","Jan-henrik Foerster Jeffrey Voegeli Aaron Kirchfeld"} | 770 |
| UBS: China's Already Started Bailing Out its Banks | -7 | 2016-08-11 00:00:00 | "The quality of the capital raised remains of some concern with many listed banks opting to sell preferred shares while their stock trades below book value. Source: UBSMeanwhile, unlisted lenders have raised more than 220 billion yuan in the two-year period — far more than the 38 billion yuan UBS estimates was raised by public banks — and despite only accounting for 20 percent of total banking sector assets. Moreover, the degree to which Chinese banks are raising capital to plug balance sheet holes or fund additional credit growth remains an open question. "The write-offs undertaken by banks to date are certainly material but deeply inconsistent across the banking sector — and far from enough, in our view," Bedford said. Regional banks in hard-hit economic areas including Inner Mongolia, Heilongjiang, Shanxi, and Liaoning appear to have made little progress relative to their southern and coastal peers. | UBS | {"Tracy Alloway"} | 793 |
| Former UBS Trader Challenges Bar Over Libor Misconduct | -29 | 2016-04-15 00:00:00 | The tribunal will determine whether the Financial Conduct Authority can proceed with the ban or direct it to reconsider the decision. The Financial Conduct Authority has barred four people from the industry over Libor manipulation, including Paul White, a former Royal Bank of Scotland trader, on Tuesday. Mr. Hussein has challenged the Financial Conduct Authority’s decision before the Upper Tribunal, an administrative court in Britain. says I ‘closed my eyes’ as to what the submitter would do with the information,” Mr. Hussein said in a statement. Mr. Hussein said he was ordered to disclose his exposure to Libor every day on an internal spreadsheet that could be viewed by individuals at UBS, including the Libor submitters. | UBS | {"Chad Bray"} | 916 |
| UBS Outlines How It Plans to Carry Out Turnaround | -13 | 2011-11-17 00:00:00 | “There are few who believe in a great future for investment banks; hardly anyone thinks that Swiss universal banks are good at running integrated investment banks,” Mr. Kurer wrote in a commentary for Bloomberg News on Wednesday. Mr. Ermotti singled out the firm’s wealth management division, telling investors it was not for sale. In his speech on Thursday, Mr. Ermotti, 51, promised to shrink weak business units and to continue bolstering the bank’s capital levels. While Mr. Ermotti declined to comment on the trading scandal at the event, he and other senior executives promised a return to the basics. It is also in the process of scaling back the investment bank. | UBS | {"Julia Werdigier","Susanne Craig"} | 521 |
| UBS Profit Misses Estimates, Hurt by Trading Revenue Slump | -15 | 2016-05-03 00:00:00 | Asset management saw net outflows of 5.9 billion francs, with one client pulling 7.2 billion francs over pricing. At UBS, profit at the investment bank dropped 67 percent to 253 million francs, the lowest first-quarter total since 2009. “The outlook wording sounds a bit more cautious than usual,” said Tomasz Grzelak, a Zurich-based analyst at MainFirst, with a neutral recommendation on UBS shares. The unit’s pretax profit almost halved to 90 million francs. While UBS shares have trailed this year’s declines in Deutsche Bank AG and Credit Suisse Group AG, the CEO signaled that earnings will remain under pressure amid a “challenging” environment. | UBS | {"Donal Griffin","Jeffrey Voegeli","Jeffrey Voegeli Donal Griffin"} | 691 |
| No End in Sight for European Banks' Cost Cuts as Revenue Slumps | -11 | 2016-05-03 00:00:00 | Record-low interest rates and wild market swings are eroding profit at Europe’s banks, with no end in sight. Draghi EffectECB President Mario Draghi has reduced interest rates and expanded a program of monthly bond purchases to stoke economic growth across the euro-area amid a global slowdown. “Banks can only seek to improve their earnings through aggressive cost cutting.”Lenders across the Continent are struggling to increase revenue as the European Central Bank pushes interest rates below zero, regulators demand bigger capital buffers and market volatility spooks investors. Operating profit at its Mittelstand unit tumbled 43 percent to 209 million euros from a year earlier because of negative interest rates and regulatory levies. Pretax profit at the corporate and investment bank dropped by more than half in the period as trading revenue sank. | UBS | {"Donal Griffin"} | 693 |
| Singapore's MAS tells Falcon to close, fines DBS, UBS over 1MDB | -19 | 2016-10-10 00:00:00 | "Falcon Bank has demonstrated a persistent and severe lack of understanding of MAS' AML requirements and expectations," MAS said in a statement. The move comes after MAS - Singapore's central bank - in May ordered the shutdown of another Swiss private bank, BSI, and subsequently charged people in connection with the probe and froze assets linked to 1MDB. The Monetary Authority of Singapore (MAS) has ordered Swiss wealth manager Falcon Private Bank to cease operations in the city-state over lapses related to its handling of funds tied to scandal-hit Malaysian sovereign fund 1MDB. "Taking into account the totality of Falcon Bank's conduct, MAS' assessment is that the merchant bank will be unable to comply with these requirements and expectations going forward," MAS added. As well as pulling Falcon's banking license, MAS also on Tuesday imposed financial penalties on local banking giant DBS Bank and the Singapore branch of Swiss bank UBS for breaches of the city-state's anti-money-laundering (AML) requirements in their dealings with 1MDB. | UBS | {"Afp Getty Images","Roslan Rahman","Reuters With Cnbc"} | 1093 |
| Singapore’s Central Bank Orders Falcon Bank To Close Operations, Fines DBS And UBS | -38 | 2016-10-11 06:30:29+00 | The Monetary Authority of Singapore (MAS) also fined local DBS Bank and Swiss lender UBS for several breaches by specific bank officers. Singapore’s central bank ordered Falcon Private Bank to shut its operations for violating anti-money laundering regulations following an investigation into corruption allegations against the Malaysian state-run fund 1Malaysia Development Berhad (1MDB). In May, the central bank ordered BSI SA’s local branch to close down over misconduct by some of the bank’s employees and poor management oversight of the bank’s operations. Falcon is the second Swiss private bank to be ordered by the MAS to cease its operations amid the 1MDB probe in the country. Investigators reportedly believe that about $1 billion 1MDB went to Najib’s private bank accounts. | UBS | {} | 1094 |
| UBS, Standard Chartered Targeted by Singapore for 1MDB Lapses | -48 | 2016-07-21 00:00:00 | In its statement on Wednesday, the regulator also said:It had completed its inspections of DBS, Standard Chartered and UBS and is finalizing its assessment. There were cases of weakness at DBS and at the Singapore branches of Standard Chartered and UBS in the processes for accepting clients and transaction monitoring, as well as “undue delay” in detecting and reporting suspicious transactions, MAS said. In the case of UBS, the bank had earlier flagged suspicious transactions linked to 1MDB to Singapore regulators, prompting an investigation of the accounts involved, according to a person familiar with the matter. The regulator vowed to take action against the four banks for the lapses. Bank LapsesThe regulator said in May that it’s closing the Singapore unit of Lugano-based BSI SA for breaches of money-laundering rules in relation to its 1MDB probe. | UBS | {"Shamim Adam Chanyaporn Chanjaroen","Shamim Adam","Chanyaporn Chanjaroen"} | 37 |
| IMPACT ANALYSIS: FINRA’s charges against ex-Morgan Stanley traders hired by UBS raise background questions | -43 | 2016-09-27 00:00:00 | The two men had been hired by UBS Financial Services in New York only days after being dismissed by Morgan Stanley for carrying out improper securities transactions. It requires member firms to have documented procedures for collecting information and conducting background checks on new hires and those who transfer from other firms. The amount and quality of background checking that UBS performed on each of these brokers could not be determined. Follow Julie on Twitter is a regulatory intelligence and e-learning expert in the GRC division of Thomson Reuters Regulatory Intelligence. Advisorhub.com has reported that the two men declined to comment on the FINRA charges, and that UBS declined to comment on their employment status. | UBS | {"Any Opinions Expressed Here Are The Author's Own","Guest Contributor"} | 107 |
| UBS traders charged, bank fined $1.5 billion in Libor scandal | -80 | 2012-12-19 23:49:13+00 | Swiss bank UBS admitted fraud and accepted a $1.5 billion fine on Wednesday for its role in manipulating global benchmark interest rates. REUTERS/Michael BuholzerPeople walk in front of the Swiss bank UBS at Paradeplatz square in Zurich December 19, 2012. REUTERS/Andrew BurtonPeople walk in front of a Swiss bank UBS building in Zurich December 19, 2012. REUTERS/Michael BuholzerA logo of Swiss bank UBS is seen on a building in Zurich December 18, 2012. REUTERS/Michael BuholzerA logo of Swiss bank UBS is seen on a building in Zurich December 19, 2012. | UBS | {"Katharina Bart","Aruna Viswanatha","Tom Miles"} | 136 |
| UBS, Croatia to settle U.S. lawsuit over $45 million in Yugoslavia-era debt | -10 | 2015-02-19 15:21:07+00 | UBS filed the lawsuit in October, saying Croatia owed it nearly $45.1 million in principal and interest on the defaulted debt. NEW YORK UBS AG has reached a settlement with Croatia of a lawsuit filed in New York federal court claiming the republic owed it $45 million on defaulted debt assumed after the breakup of Yugoslavia. The other countries fulfilled their debt obligations to UBS, the lawsuit said, leaving only Croatia in default. The settlement-in-principle was disclosed in a letter by UBS filed with the court late on Wednesday. Croatia and UBS have negotiated for years over the debt payments but had not come to a resolution, even though Croatia acknowledged its obligations, UBS said in its complaint. | UBS | {"Nate Raymond","Joseph Ax"} | 186 |
| UBS avoids liability for couple's soured sawmill investment | -15 | 2015-02-12 20:17:37+00 | But the three FINRA arbitrators disagreed with the Bowmans, ruling that the couple and Green had engaged in "deceptive strategies" to conceal their investment activities involving the sawmill from UBS, according to the Feb 9 ruling. Greene, who could not be reached for comment, left UBS in 2011 and no longer works in the securities industry, according to a regulatory document. They also communicated with Greene about the sawmill through a non-UBS email account he established, the panel said. He had a majority ownership stake in the mill before joining UBS in 2011, according to the decision and a regulatory filing. The arbitrators found that UBS had a "robust compliance program" aimed at avoiding such situations, known as "selling away. | UBS | {"Reuters Editorial"} | 286 |
| Recording shows how UBS drove reluctant brokers to sell high-risk Puerto Rico funds | -39 | 2015-02-06 12:20:23+00 | Their views were unacceptable to Miguel Ferrer, then the chairman of UBS Financial Services Inc of Puerto Rico, a unit of UBS AG. Reuters reported last June that the FBI was investigating allegations that some UBS Puerto Rico clients were improperly directed to borrow money from another UBS unit to buy the fund shares. He said in a statement that UBS funds have provided attractive investment opportunities for certain investors at various times over the past 20 years. At the time of the meeting, Ferrer and UBS Puerto Rico were the subject of an earlier SEC probe into its sales tactics for the same group of funds in 2008-2009. UBS also put its own financial interests ahead of its clients by steering clients to funds containing bonds underwritten by UBS, he said. | UBS | {"Reuters Editorial"} | 291 |
| Exclusive: Recording shows how UBS drove reluctant brokers to sell high-risk Puerto Rico funds | -39 | 2015-02-06 20:51:13+00 | link.reuters.com/gem93wTheir views were unacceptable to Miguel Ferrer, then the chairman of UBS Financial Services Inc of Puerto Rico, a unit of UBS AG. Reuters reported last June that the FBI was investigating allegations that some UBS Puerto Rico clients were improperly directed to borrow money from another UBS unit to buy the fund shares. He said in a statement that UBS funds have provided attractive investment opportunities for certain investors at various times over the past 20 years. UBS also put its own financial interests ahead of its clients by steering clients to funds containing bonds underwritten by UBS, he said. At the time of the meeting, Ferrer and UBS Puerto Rico were the subject of an earlier SEC probe into its sales tactics for the same group of funds in 2008-2009. | UBS | {"Suzanne Barlyn"} | 292 |
| UPDATE 1-U.S. launches new tax evasion probe into UBS - WSJ | -16 | 2015-02-04 23:20:11+00 | Authorities recently subpoenaed UBS regarding the investigation, and prosecutors and FBI agents visited London to interview potential witnesses, the report said. UBS has hired a partner at Wachtell, Lipton, Rosen & Katz, to conduct an internal investigation, the Journal reported. Bearer securities, which can be transferred without needing to register ownership, is largely restricted in the United States because they can be used for evading taxes and money laundering. UBS, which paid $780 million in 2009 to settle a separate Justice Department tax-evasion probe, is now under investigation for allegedly helping wealthy clients hide assets through so-called bearer securities, the paper said. (Reporting by Sandra Maler in Washington and Amrutha Gayathri in Bengaluru; Editing by Peter Cooney and Saumyadeb Chakrabarty) | UBS | {"Reuters Editorial"} | 294 |