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News Tag: UBS

July 27, 2010

UBS Q2 profits exceed expectations

by Kay Murchie
”UBS
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 the sub-prime mortgage crisis in the US ...



May 4, 2010

UBS eyes recovery after huge losses

by Kay Murchie
”UBS
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 exposure to the sub-prime mortgage crisis in the ...



April 12, 2010

Swiss bank UBS expects higher profits

by Kay Murchie
”Swiss
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 worst hit victims of the credit crunch due ...



November 5, 2009

Swiss bank UBS fined £8m

by Kay Murchie
”Swiss
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 largest, was fined for failing to stop four ...



August 4, 2009

Further hefty loss for UBS

by Kay Murchie
”Further
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 the worst hit victims of the sub-prime crisis due to ...



May 5, 2009

UBS reports first quarter loss of SwFr1.98bn

by Kay Murchie
”UBS
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 victims of the sub-prime crisis due ...



April 15, 2009

Thousands more job losses at UBS

by Kay Murchie
”Thousands
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 SwFr2 billion (£1.2 billion) for the three months ...



February 11, 2009

Credit Suisse announces biggest ever annual loss

by Kay Murchie
”Credit
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 strong capital position. The fourth quarterly loss ...



February 10, 2009

UBS reports annual loss, further job losses

by Kay Murchie
”UBS
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 create two new business units - wealth ...



October 16, 2008

UBS latest to receive Government financial assistance

by Kay Murchie
”UBS
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 up to $60 billion of distressed ...



October 1, 2008

More jobs misery as UBS plans further 1,900 job losses

by Kay Murchie
”More
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 at UBS, they represent ...



August 18, 2008

B&B underwriters left with 73% of shares after rights issue take-up

by Kay Murchie
”B&B
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 four ...



August 12, 2008

UBS announces further sub-prime losses

by Kay Murchie
”UBS
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 blamed the losses on its investment in securities ...



July 1, 2008

Management overhaul at UBS

by Kay Murchie
”Management
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 well before the shareholder meeting on October 2nd. The bank, ...



June 23, 2008

More banking woes as Citigroup and Goldman Sachs reveal job losses

by Kay Murchie
”More
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 close to ...



May 22, 2008

UBS announces £7.9bn rights issue

by Kay Murchie
”UBS
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 BlackRock, the US fund manager. The rights, which ...



May 7, 2008

5,500 jobs to go at UBS

by Kay Murchie
”5,500
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 volume during the first quarter. The job ...



April 18, 2008

Investment banks begin job cuts

by Kay Murchie
”Investment
Earlier this week, analysts at JPMorgan said due to the fallout from the US sub-prime mortgage crisis and the credit squeeze, job losses London's City financial district could be around 40,000. Yesterday, Swiss bank UBS announced it is to axe 900 staff at its City headquarters on Liverpool Street. The banking giant is the biggest casualty of the credit squeeze with losses ...



April 17, 2008

New UBS chairman subject to criticism

by Kay Murchie
”New
The new chairman of UBS has been criticised by Luqman Arnold, who runs the UK-based investment fund Olivant, and is the former chief executive of UBS. The Swiss investment bank has been the biggest casualty of the credit squeeze so far and its new chairman, Peter Kurer, has been subject to heavy criticism by Mr Arnold who has purchased a 0.7% ...