Swiss banking giant UBS has today reported a net profit of SwFr1.8 billion (£1.2 billion) in the first quarter of the year. However, this represented an 18% fall on the same period a year ago but 7% higher than the final quarter of 2010. The bank, which is Switzerland’s largest, was among one of the [...]
Swiss banking giant has posted its first annual profit since 2006. The bank, which is Switzerland’s largest, has today reported a net profit of SwFr7.2 billion (£4.7 billion) for the 2010 year – this compares with a loss of SwFr2.7 billion in 2009. However, the bank still has a long way to go after full-year [...]
Swiss banking giant UBS has today reported a net profit of SwFr1.66 billion (£1.1 billion) for the July to September period – exceeding analysts’ expectations. The figures compare with a loss of SwFr564 million for the third quarter a year ago. For the first time since the financial crisis, the bank said it restored client [...]
Swiss banking giant UBS has today reported a net profit of SwFr2.0 billion (£1.2 billion, $1.9 billion) for the April to June period – exceeding analysts’ expectations. The news will be welcomed by many investors after the bank was among one of the worst hit victims of the credit crunch due to its exposure to [...]
Swiss banking giant UBS has today reported first-quarter net profit of SwFr2.2 billion boosted by a strong performance in its investment banking division. The earnings beat analysts forecasts of SwFr2.0 billion, according to a poll by economics newswire AWP. UBS is among one of the worst hit victims of the credit crunch due to its [...]
UBS has today said it is predicting a net profit of SwFr2.5 billion (£1.5 billion, $2.4 billion) for the first three months of 2010. The prediction comes ahead of the Swiss banking giant‘s shareholder meeting on Wednesday and the stock gained more than 3% in Frankfurt following the announcement. UBS is among one of the [...]
Swiss banking giant UBS has been fined £8 million by the Financial Services Authority (FSA) – the third largest penalty ever handed out by the UK regulator. However, the fine would have been £10 million but the Swiss bank agreed to settle with the FSA at an early stage. The bank, which is Switzerland’s fourth [...]
UBS, which is Switzerland’s largest, bank, has reported a second quarter loss of SwFr1.4 billion (£790 million). However, the loss is marginally better than the first quarter loss of SwFr1.98 billion (£1.2 billion). The Swiss banking giant said it remained cautious about its prospects, in view of the challenging environment. UBS is among one of [...]
UBS, which is Switzerland’s largest, bank, has reported a first quarter loss of SwFr1.98 billion (£1.2 billion). The bank said the losses were attributed to write-downs on risky investments. However the loss was less than the SwFr9.5 billion reported for the fourth quarter of 2008. The Swiss bank is among one of the worst hit [...]
Switzerland’s largest bank, UBS, is to wield the axe on another 8,700 jobs. Oswald Gruebel, the chief executive appointed to restore the bank’s reputation, said the bank will become smaller and there will be cuts. The jobs are set to go by next year in a major cost-cutting programme after the bank announced losses of [...]
Credit Suisse, which is Switzerland’s second-largest bank, has reported its biggest annual loss ever of SwFr8.2 billion (£5 billion) – the majority of which (SwFr6 billion) came during the October to December period in 2008. Chief Executive, Brady Dougan, described the results as ‘clearly disappointing’ but added that they had started 2009 with a very [...]
Swiss banking giant, UBS, has reported a full-year loss of SwFr19.7 billion (£11.3 billion) following a turbulent year in the banking industry. Furthermore, the bank, which is Switzerland’s largest, reported a fourth quarter loss of SwFr8.1 billion. UBS said it plans to refocus on its domestic market after a turbulent year overseas and is to [...]
Swiss banking giant, UBS, is the latest European bank to receive help from its Government, in a bid to reduce the risk to the bank’s balance sheet. The Swiss bank is raising $5.3 billion (£3 billion) from the Government, who will take a 9.3% stake in the bank. Meanwhile, it will be able to transfer [...]
Switzerland’s largest investment bank, UBS, has announced it is to axe a further 1,900 jobs in its investment banking, equities and fixed income units. The news follows that yesterday from PricewaterhouseCoopers, administrators of Lehman Brothers’ European division, who said 750 workers are to lose their jobs with immediate effect. With regard to the job losses [...]
Troubled buy-to-let lender, Bradford & Bingley (B&B), has confirmed that 27.8% of its new shares, which were on offer at 55p each, have been taken up by investors. Consequently, underwriters, Citigroup and UBS will have to place the remaining 597 million new shares, worth £328.3 million, by Friday. Citigroup and UBS are being supported by [...]
Switzerland’s largest investment bank, UBS, has announced its intention to split itself into three divisions after it revealed second quarter losses of SwFr358 million (£173 million). The bank’s sub-prime debt write-downs in the quarter totalled SwFr5.5 million. However, this was much less than the SwFr11.54 billion it lost in the first quarter. The bank again [...]
Swiss investment bank, UBS, has announced the resignation of 4 of its 12 board members as it attempts to recover from losses linked to the credit crunch. The overhaul sees directors Stephan Haeringer, Rolf Meyer, Peter Spuhler and Lawrence Weinbach step down in October. The banking giant said nominations for their replacements will be announced [...]
More job losses in the financial industry have been revealed as Wall Street giants, Citigroup and Goldman Sachs, announce staff cuts. Citigroup, which is America’s largest bank, is believed to be axing up to 6,500 investment banking jobs. It is understood that trading desks in New York, London and other cities will be eliminated. Sources [...]
Swiss banking giant, UBS, has revealed plans for a SwFr16 billion (£7.9 billion) rights issue in a move to shore up its balance sheet. The announcement from the Swiss bank, which is the biggest European casualty of the credit crunch so far, comes just one day after it sold some of its mortgage-backed securities to [...]
Swiss banking giant UBS has announced it is to axe 5,500 jobs as a result of the global credit squeeze. It is understood that 2,600 of the job cuts would be in its investment banking unit, which has a workforce of 19,000 people but which has been hit by a 40% contraction in global deal [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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