ubs

UBS disclosed on Tuesday that it had been subpoenaed by three US agencies and also received an information request from Japan.

Nonetheless, UBS's rivals must be taking heart from the fact it managed such a smooth exit, finding buyers and keeping Beijing sweet.

UBS's regional head has given warning that its profit margins there could be depressed for a year or two amid fierce competition for talent.

Paramax also claims that UBS assured it that if it needed a "real" hedge, it would tear up the agreement.

Six months ago, authorities did not seem ready to take an aggressive stance with UBS.

Hans-Rudolf Merz, the country's president, said the UBS settlement would not compromise the confidentiality of the Swiss banking industry.

Whatever the case, no one expects UBS to fall sharply down the Asia investment banking rankings, even if it does lose the top spot.

UBS was one of the hardest hit banks during the global financial crisis.

RBS and UBS declined to comment. A Yanzhou spokesman said the company was focused on the transaction and declined to comment further.

He denied he had forwarded the data to any other party or used it to benefit UBS and returned the information when Citibank requested it.

"Political decisions are required. . . the sooner the better, " he said in a speech in Geneva a day after UBS unveiled its new strategy.

UBS didn't respond to a request for comment on whether it had such a restriction.

UBS, which suffered the biggest writedowns of any European bank, received a government bail-out in October.

John Reade of UBS said that this was an "important factor" for the gold market.

Mr Chum, at UBS, calls it a "classic case of unintended consequences" .

The question for UBS: did the bank need all this capital?

The guidelines are being tested at the moment; UBS may roll them out for employees at retail banks around Switzerland, Reuters reports.

'I didn't expect Air China would be willing to commit so much capital at this point, ' UBS AG analyst Damien Horth said.

UBS economist Wang Tao said the slowdown in foreign reserve accumulation was likely due to less inflows of speculative capital.

But UBS said the pace of net outflows had slackened in recent months, and January had been positive.

The Court reasoned that since UBS hadn't obtained such consent and had not registered the guarantee, the guarantee was invalid.

Moving people internally from Europe has proved more cost effective than trying to hire big names in Asia say UBS executives.

UBS said the combined moves would lift the bank's Tier 1 capital ratio to more than 12 per cent.

"In a nutshell, a soft-landing, or government bailout, would be better than a hard-landing, " said UBS Securities analyst Tatsuo Yoshida.

The settlement does not rule out any possible lawsuits against individual UBS employees, she said.

The investigation of UBS hurt the bank's reputation, and many clients of its private bank took their money elsewhere.

As UBS notes, China's remains one of the most closed capital-account regimes of any developing economy.

UBS, the Swiss bank, this week said most of the $42bn the bank has lost as a result of the subprime meltdown was booked in the US.

'No one is making money in Europe, ' said Philippe Houchois, auto analyst at UBS in London.

Getting the risk management right is one of the reasons why banks like UBS prefer to have full control of operations in the region.

The yard was completed in October, four months ahead of schedule, something that UBS analyst Hubert Tang sees as a coup for the company.

(Check out the 2008 UBS shareholder report for a fantastic, highly detailed account of this).

Goldman Sachs Group Inc. , UBS AG and CLSA Asia-Pacific Markets are the only foreign firms that have underwritten local share sales.

At least some of these arguments have merit, says Julien Demoulin-Smith, an analyst at UBS.

John Cryan, chief financial officer, acknowledged that coming returns might be at the lower end of UBS's range.

"GIC expressed disappointment and concern at the lapses and urged UBS to take firm action to restore confidence in the bank. "

The Dow Jones-UBS Commodity Index has seesawed since it plunged from its June 2008 peak, and is trending downward at the moment.

This suggests that the economic impact of a break-up would be less catastrophic than envisaged by the UBS economists.

UBS struggled, as the Swiss bank confirmed another hefty loss and continued to lose clients.

UBS did not require employees to keep a checklist of the documents received for clients using that service.

The Dow Jones-UBS Commodity Index last week dropped to its lowest level since July, before recouping some of its losses.

Ms. Wang, at UBS, said the slowing economy and weakening exports would hurt many small Chinese businesses.

In 2008, Mr Esteves left to set up BTG, taking with him a clutch of fixed-income and emerging market traders from UBS.

UBS said he'd concealed the extent of the risks he was taking by disguising his trading positions.

"The markets continue to be unsettled, and we remain cautious on the immediate outlook for UBS, " the bank said.

Not so quick, argues George Magnus, senior economic adviser at UBS Investment Bank in London.

A spokeswoman for UBS in New York said the firm was cooperating with the investigation.

Mr. Wilmot-Sitwell is now UBS's second group board member to be based in Asia, underscoring the region's importance to the Swiss bank.

Another star recruit is Angus Barker, who was lured away from UBS to head the bank's financial sponsors unit.

Soon after missing out on AgBank's IPO, the largest in history, two senior bankers left UBS's equity capital markets group last May.

She said inquiries had increased 10-fold since the UBS settlement last month.

John Reade, head of metals strategy at UBS in London, upgraded its one-month gold forecast to an "inevitable" $850 an ounce.

A recent study by economists at UBS, a Swiss bank, suggested that the costs in each of these eventualities would be forbiddingly high.

The move is part of a test UBS is carrying out in Switzerland across five pilot branches.

Thus, it could never compensate UBS fully for any meaningful loss in value of the $1. 3bn UBS was trying to insure, it claims.

"Investors have gone from getting cozy to a sense of serious concern, " said Saud Masud, head of research at UBS in Dubai.

Matthew Koder, joint head of global capital markets at UBS, said: "The themes that dominate are clearly resource related. "

Andrew Cates, economist at UBS, said the likelihood of global recession was rising.

At UBS, as many as 5, 000 jobs are set to go across the group, including the bank's wealth management arm.

However, Tao Wang, an economist at UBS, argues that this rich-world yardstick is misleading.

But UBS said it was unable to comply because that would entail breaking Switzerland's strict bank secrecy laws.

"Sovereign credit is not the asset class where we would choose to express a bearish structural view, " UBS said in a note to clients.

UBS is not the only organisation whose employees are enjoying the sound of music.

UBS stressed that it was " committed " to its relationship with BoC and to its other mainland businesses .

"China's strength can help, " says UBS's Wang, "but its not enough to save the world. " China may be lucky just to save itself.

In the case of UBS, such a move could help them escape Switzerland's new 19 per cent capital requirement.

He also said the pace of UBS's share buybacks would decline after recent acquisitions.

The device is powered by two AA batteries, which seem to last a very long time even when the display brightness is adjusted to maximum.

Last month, though, the former military headquarters of a colonial power was reincarnated as a "management campus" for UBS.

UBS pointed to its first-quarter performance as evidence that "trust and confidence" in its business has returned.

But in a sop to investors, UBS will pay a token dividend this year and step up payments in future as a sign of its confidence.

Swiss bank UBS said it had seen strong physical buying in Asia, particularly No. 1 bullion consumer India, on Monday.

It is very important for UBS and for the country for shareholders to understand this at the extraordinary general meeting.

In 2007, when foreign banks really began to break into China, UBS ranked third and Goldman was sixth.

In early December, UBS realised it had a problem.

A UBS representative said its borrowing was relatively modest, done to give it flexibility during the crisis and was fully repaid.

promises to increase acrimony inside UBS, which has gutted its leadership since becoming one of the hardest-hit banks in the credit crisis.

'We have never seen anything like this, ' said analyst Glenn Schorr, who covers the investment banks for UBS AG.

A senior UBS manager acknowledges that his firm could be called upon to help bail out other brokers if something went wrong.

But UBS's Pitz compares Google's position to an arms race, "The more paper you can stack in your safe, the better-off you are going to be. "

"Chinese stocks such as the ones you mentioned would fail for lending value at UBS due to volume or market cap, " she said.

UBS alleges the losses were built up and concealed by Kweku Adoboli, a 31-year-old trader on the bank's London 'Delta One' trading desk.

Most of his colleagues at UBS don't know his story, which began in a tannery where he shared one room with his parents, brother and sister.

Credit Suisse has plugged a gap at the top by hiring Marcel Kreis, a senior UBS executive, as head of its Asia Pacific private banking arm.

"I am convinced that it is in the best interests of UBS to approach the future with a new leader at the top, " he wrote in a note to staff.

If everything goes as planned, that will make it the only foreign bank besides Goldman Sachs to manage underwriting in the local market.

Banks are concentrated around the Paradeplatz, pictured, where UBS and Credit Suisse both have headquarters.

"The downgrade in headline growth does not look as bad as the headline suggests, " UBS said in a research note.

But regional management shifts as well as pay restrictions in the wake of the crisis led to departures by UBS old-timers.

"There is good reason to be tougher with them [UBS and Credit Suisse] and single them out for special treatment, " he told Reuters.

But regional management shifts as well as pay restrictions in the wake of the crisis led to departures by UBS old-timers.

"There is good reason to be tougher with them [UBS and Credit Suisse] and single them out for special treatment, " he told Reuters.

UBS says the bank is confident in the merits of its case.

Within a few weeks some $40 billion was poured into distressed Western lenders, among them Citigroup, UBS, Morgan Stanley and Merrill Lynch.

As its chairman admitted ruefully: "No one expected this [more than $20bn in writedowns and a capital raising] from UBS. "

"[We] discussed the alleged fraudulent trading that led to the large financial loss for UBS, " GIC said in a rare statement.

[C] this change was not favorite to UBS's speculation about the bank's exposure.

As well as bringing in new talent from around the world, UBS is nurturing its own people.

UBS, like other banks, is struggling with the desire to sell bad debt and the belief that those assets at some point will reclaim value.

A UBS statement did not admit or deny any wrongdoing in the settlement.

A UBS statement did not admit or deny any wrongdoing in the settlement.

Meanwhile, the procedure for selecting which "secret" accounts at UBS are to be disclosed to American authorities was made public.

Clients have since been running for the exits and UBS's private banking operations have been losing client funds at a dramatic rate.

A recent report from UBS (UBS) analyst Maynard Um predicts that the Verizon (VZ) launch could double iPhone sales in the United States.

By early July, Peter Wuffli, UBS's chief executive, had been ousted in part over concerns about his handling of the DRCM debacle.

Mr Madoff predicted two other banks being sued by Mr Picard, HSBC and UBS, "are going to have big problems" .

Hutchison's exposure 'is far greater in terms of revenues and gross assets than in terms of profits and valuation, ' UBS analysts say.

UBS would be unwise to take the lobby, which also has close contacts with foreign institutional investors, for granted.

'The subtle change in policy tone should provide support for the market, ' UBS Securities economist Wang Tao said in a note.

UBS last month agreed to pay $780 million in fines as part of a deferred prosecution agreement with federal prosecutors.

UBS last month agreed to pay $780 million in fines as part of a deferred prosecution agreement with federal prosecutors.

Executives at Barclays, Deutsche Bank and UBS have done the same, even though the first two have avoided government injections of capital.

UBS has substantially upgraded its controls and risk management since the problems were discovered.

Now UBS is taking Paramax to court, seeking to compel it to pay up as the securities drop in value, alleging breach of contract.

For all the problems he faces managing the investment bank, the private bank is still crucial to UBS's survival.

The settlement could be made public as early as Monday. UBS would not comment on the allegation. The FSA and Finma also declined to comment.

UBS, however, which is neutral on the shares, said the development was very positive for ARM in the long term.

Mortgage payments as a percentage of household income are virtually one-third those of a decade ago, according to UBS.

UBS turned over approximately 250 client names as part of that deal, and will turn over more in coming months.

UBS reached a preliminary settlement with the Internal Revenue Service in a civil action on revealing the identities of account holders.

UBS reached a preliminary settlement with the Internal Revenue Service in a civil action on revealing the identities of account holders.

He says UBS invests around $85m a year on its trading systems.

On February 18th UBS agreed to pay fines of $780m and to hand the American authorities the names and account details of up to 300 clients.

UBS and the Swiss government fought the U. S. effort to obtain account holders' names, citing Swiss bank-privacy laws.

Yet wielding the scalpel might prove to have been the easiest part of creating "the new UBS" .

The news that a UBS trader lost $2 billion of the bank's money has brought a surge of bad press.

Regulators in the U. K. and Switzerland have launched a joint investigation of the losses at UBS.

Mr. Merz called on other Swiss banks to stick to the law and regulations in light of the UBS case.

Yasuhiro Yamaguchi, luxury goods analyst at UBS, said the rise in sales of men's luxury goods reflected significant social changes in Japan.

Swiss banks, notably UBS, have seen their schemes exposed by the authorities, and the institutions' reputations have been hurt.

A UBS spokeswoman confirmed that more bonuses had been returned, but declined to give further details.

I would welcome UBS and any other financial company to the US if we first reform our banking and financial structure.

Mr Cai, 55, is UBS's senior local rainmaker and was well-connected within the political and business establishments in Beijing.

UBS, a Swiss bank, is working out of a temporary service office.

UBS has been operating its PIN platform in the U. S. , Europe, Japan and Australia and may expand it to Singapore next.

"China's strength can help, " says UBS's Wang, "but it's not enough to save the world. "

Switzerland's bankers association issued a statement in support of UBS' agreement with the United States.

In October UBS spun $60 billion of toxic assets into a fund backed by the Swiss central bank.

UBS has told members of its former private banking team responsible for rich US clients not to travel to America.

'That would certainly be unhelpful to people's perceptions' of the tests' credibility, said UBS banking analyst Alastair Ryan.

He has resisted calls to resign , arguing that he needs to stay in place to steer UBS out of the crisis .

In the financial sector, meanwhile, banks like HSBC, UBS and Nomura are cutting jobs around the globe.

But Tao Wang, Beijing-based economist for UBS, says the April industrial production reading is likely to be just 18%.

UBS did not return calls for comment on the connections alleged between it and Bank of America in the Vertical deal.

This week it paid $15bn for a portfolio of dis- tressed mortgage assets with a $20bn face value from UBS, the Swiss bank.

That won't likely discourage college students from picturing UBS (UBS) as a great place to work.

Max Martin, global head of philanthropy services at UBS, says banks are helping clients who see charitable giving as a business venture.

Nonetheless, a few months later Mr Moelis agreed to join UBS, another big Swiss bank, to build up its American investment-banking unit.

The UBS scandal has brought the post-trade piece of the business to public attention.

The stockmarket may be missing an important structural change in the economy, argues Larry Hathaway, an economist at UBS, a bank.

They are also concerned about the unsettling effects that a large deal would have on both UBS and the markets at a time of turmoil.

Another senior executive said there was an important difference between Morgan Stanley and other troubled banks such as Citigroup and UBS.

UBS unveiled its new strategy, which curtails its investment-banking activities and focuses on its core wealth-management business.

UBS, its Swiss archrival, has recently followed suit by launching its own "wealth management campus" in Singapore.

Credit Suisse's rival, UBS, can hardly forget the risk-management failure of its predecessor, Union Bank of Switzerland.

Among the biggest from the Fed's commercial-paper program was Swiss banking giant UBS AG, which tapped it for $37 billion in October 2008.

After less than two years in the job, Marcel Rohner resigned as chief executive of UBS with immediate effect.

"To be clear, physical demand right now is not just decent, it is exceptionally strong, " UBS said.

The structure, known as "Pluri Cell E" , was ultimately rejected by UBS officials.

The dilution, combined with the banks continuing problems, led some analysts to say there was little reason to buy into UBS now.

UBS has invested heavily in neighbouring European countries to create small networks of branches that are exclusive to richer customers.

A lot of risk wasn't dispersed, as we now know. It ended up in banks like Citigroup and UBS.

The damage to the reputation of UBS and its attempted turnaround is much more serious, however, than the financial loss.

UBS has garnered the most revenues from core investment-banking activity of any bank since 2002, according to data tracker Dealogic.

Investors expect further write-downs and American authorities are investigating allegations that UBS helped wealthy clients to evade taxes.

UBS Investment Fund Management Co. , Ltd. update UBS Investment securities investment fund industry boom prospectuses .

UBS said it would remain "committed to its business relationship with Bank of China and to its businesses in China as a whole" .

Referring to terms of the CIC deal, UBS said "Bumi's cost of debt was about twice as high as the sector average of 7-10 percent. "

Last week UBS became the first overseas bank to offload its stake in a Chinese bank in a move expected to trigger a wave of divestments.

Over the weekend, UBS may paint a fuller picture of how its risk controls failed to prevent the big loss.

'Investors were looking for companies with larger scale that would give them more long-term growth prospects, ' says UBS's Mr. Williams.

UBS strategist Brian Kim added that "earnings are still in the back of everyone's mind, and that increases uncertainty. "

UBS has been haemorrhaging funds, with an outflow of SFr30 billion ($28 billion) so far this year (see chart).

"That stimulus was the savior for cyclical commodities especially base metals, " said Schnider at UBS.

Even the Swiss private banks -- Credit Suisse (CS) and UBS (UBS) -- are more asset-management companies.

"Investors got out of their Asia (ex-Japan) positions last week, " said UBS.

UBS has been hemorrhaging funds, with an outflow of SFr30 billion ($28 billion) so far this year (see chart).

UBS will notify the clients whose names are to be disclosed in coming weeks, Mr. Shulman said.

Few of the ventures-apart from UBS, CICC and CLSA's six-year-old venture-have access to the secondary market to trade Chinese shares.

'A property bubble is still a risk to China's economy, ' said Wang Tao, China economist for UBS.

Paramax claims that, from the beginning, the UBS hedge was cosmetic.

Other financial institutions, including Goldman Sachs and UBS, have announced job cuts and suffered double-digit share price declines.

Therefore, the invention has the advantages of raising the data transmission rate of UBS main controllers and PCMCIA interfaces.

UBS is already "priced for perfection" says a Swiss private banker, whereas Credit Suisse, if the strategy holds, is likely to show gains.

A simulation by economists at UBS gives a sense of the risks.

Manuel Oliveri, a foreign exchange strategist at UBS, said: "Their key interest is to keep the Swiss franc-euro exchange rate capped. "

UBS vowed to improve its risk management and compliance procedures in the wake of its near-meltdown in the crisis.

If support shareholder support for the deal is withheld, a A$10bn rights issues is an option, says UBS analyst, Glyn Lawcock.

"There is healthy scepticism as to whether all this will work, " says Brent Thill of UBS, an investment bank.

Shulman said notices from UBS to clients would go out in stages, but warned U. S. citizens to come forward now.

UBS, the big Swiss bank, has published a dress code for some of its employees.

"This isn't a fast-integrating, unified economic bloc, " said Jonathan Anderson, chief Asia-Pacific economist at UBS financial services.

But the UBS analysis shows that lower interest rates would not ease all of the pain.

Yet the change in the dividend also hurts current shareholders, who likely wanted the cash in hand, rather than more UBS stock.

UBS has spent the past two years on the defensive after posting record losses and suffering big outflows at its private bank.

Rodney Ward, UBS Asia chairman, said: "Corporate China will continue to seek overseas acquisitions to exploit economies of scale. "

Nomura is also planning to wrest U. S. market share from Swiss bank UBS AG losing clients in the wake of a U. S. tax probe.

As George Magnus, senior economic adviser to UBS, puts it: "The volatility of almost any economic variable you can think of had collapsed. "

Switzerland's biggest bank UBS has banned company managers who deal with foreign clients from traveling abroad.

UBS (UBS) says he covered up unauthorized trades over the past three months that lost the company $2. 3 billion.

Still, everyone is supposed to do their job and both HSBC and UBS transferred many of their duties to a sub-custodian.

UBS economist Wang Tao did a phrase by phrase parsing of the statement and found lots of room for alternative explanations.

A pullback in risk appetite in the near term should favor the dollar, Brian Kim, a currency analyst at UBS AG said in a note.

Karen Olney, head of European thematic research at UBS, says markets are now pricing in a mild recession.

A UBS banker has been arrested in London.

Mr. Anderson temporarily punts on those all-important questions, saying colleague Wang Tao, UBS's China economist, will weigh in next week.

UBS has been able to crack the China market by being more local than many of its peers.

UBS (UBS) and Deutsche Bank (DB), among others, have been raiding U. S. financial firms for brokers and other financial professionals.

UBS's analysis suggests that the financial health of firms and governments also matters for productivity growth.

Deal with the complaints and insurance claims, keep good communication with UBs, Logistics procurement, LSP and other teams.

For this reason, UBS AG dominates among Western banks, although Credit Suisse is hoping to follow suit.

UBS is due to appear before a U. S. Senate committee next week to answer questions about its offshore banking practices.

The Justice Department says UBS Securities Japan were plead guilty to felony wire fraud and attempting to manipulate the interest rate.

The Swiss authorities have already taken action to try to stabilise the country's banking sector and in particular UBS.

The trader allegedly incurred losses betting on U. S. and European stocks, UBS said in a statement Sunday.

"The arteries of credit that lay behind the vigour of the past economic boom are now becoming constricted, " says George Magnus at UBS.

Currently, UBS is working to rebuild their once strong brand image, to focus on its core business in Switzerland .

"We don't see [Germany's decision] as a huge event, " said David Gray, UBS's head of prime services in Asia-Pacific.

European stocks fell after UBS AG reported a surprise investment-banking loss and ArcelorMittal forecast a decline in earnings.

Recipients include Merrill Lynch, Citigroup, Morgan Stanley and Switzerland's UBS (or, as wags now call it, Union Bank of Singapore).

UBS analysts recently raised their price forecasts for a wide range of metals, from lead to gold.

UBS has been shrinking its balance sheet and withdrawing from trading on its own account.

This, however, is not the situation we are in. , The UBS scandal will have repercussions.

Purchases from Japan in particular slowed sharply, points out Tao Wang of UBS, thanks to the disruptions in that country's supply chain.

UBS sugared a huge loss by announcing billions of dollars of new capital from government-backed funds in Singapore and the Gulf.

Europe has let lots of blood, too: the bosses behind fiascos at UBS, Fortis and Royal Bank of Scotland (RBS) have gone to the guillotine.

UBS recently introduced a charge on institutional customers which held excess deposits in their accounts.

Others, including equity strategists at UBS are equally bullish about the medium-term outlook, pointing at global interest rate movements.

The latest evidence: Swiss banking giant UBS has agreed to hand over details on more than 4, 000 accounts to the U. S. government.

"Large purchases of coins are perhaps the ultimate sign of safe-haven gold buying, " said John Reade, a precious metal strategist at UBS.

UBS, the investment bank, runs stress management seminars, offers corporate counselling and has an in-house "care team" .

Many analysts expect UBS to post more writedowns in the first quarter on securities linked to US residential mortgages.

In Europe, oil prices are down. Financial sector stocks like UBS and Deutsche Bank are also taking a hit.

GIC kept a low profile until its recent investments in Citigroup and UBS because of its traditional role as a giant asset management fund.

More than 150 US customers of the Swiss bank UBS are being "criminally investigated" on suspicion of tax avoidance, court documents say.

But the outlook for selling the assets darkened with the deepening credit crisis, forcing UBS to take more drastic measures.

"This is an integral part of pushing the internationalisation of the renminbi, " said Wang Tao, chief China economist at UBS.

The head of Middle East research at Swiss-based financial firm UBS, Saud Masud, says it is a step in the right direction.

Core investment-banking revenues are growing but UBS's market share is at its lowest point since 2001.

Under its new, integrated structure much more akin to UBS Credit Suisse will have three core divisions.

The winding down of the UBS case has revived speculation about which banks U. S. authorities will target next.

Last year, UBS was forced to turn the Swiss state for help after getting caught up in the subprime crisis.

Some of May's losses were recouped in June, helping the Dow Jones-UBS index finish the quarter with a drop of 4. 9%.

Meanwhile, currency strategists at UBS noted that emerging market outflows continued in earnest last week.

He eventually left Capitol Hill to work for UBS as an investment banker.

The deal should aid Symantec's organic business as smaller rival McAfee will likely become less aggressive on pricing, UBS said.

Royal Bank of Scotland and UBS have each hired about a dozen bankers dedicated to mortgage-backed securities.

Such hustling by a CEO is a sign of how aggressively UBS, long the world's largest private bank, is working to regain its stature.

Only three of the seven are still employed at UBS and have been suspended pending the outcome of the case.

In short, warns Wang Tao, the chief China economist at UBS, don't hold your breath for radical change in the China model.