Raoul Weil, who once ran UBS's global wealth-management business, was cleared at trial of tax conspiracy despite the bank’s historic admission in 2009 that it helped thousands of U.S. clients abuse Swiss bank secrecy to cheat the Internal Revenue Service.
Headquartered in Zurich and Basel, UBS is a global firm providing financial services to private, corporate and institutional clients.
UBS lost a U.K. lawsuit over derivatives sold to Kommunale Wasserwerke Leipzig GmbH when a judge found the bank’s relationship with a firm advising the German water utility led to a conflict of interest.
The 7,114 brokers at UBS Wealth Management Americas generated record quarterly revenue of $1.9bn in the three months ending September 30th, largely through selling loans to clients and funneling their assets into packages of mutual funds and other managed accounts.
UBS has warned of $1.9bn in litigation charges as it reported forecast-beating third-quarter profits, saying charges were likely to remain elevated for the "foreseeable future".
Raoul Weil, who once ran UBS's global wealth-management business, referred to accounts hidden by U.S. clients from the Internal Revenue Service as 'toxic waste,' a witness at his tax-conspiracy trial said.
JPMorgan, UBS and Credit Suisse were fined a total of 94 million euros (74.14 million pounds) by the European Commission for taking part in cartels in the financial sector.
UBS retained its position as the largest wealth manager in Asia last year as it attracted more funds from the region’s growing number of millionaires.
UBS sued Croatia in New York federal court on Friday, claiming the republic owes it $45m in principal and interest on defaulted debt assumed after the breakup of Yugoslavia.
A former UBS executive gave a primer on the workings of Swiss bank secrecy to a Florida jury hearing the tax-conspiracy trial of Raoul Weil, who once ran the bank’s global wealth-management business.
UBS and Nomura were sued by a Japanese school operator for $83m in compensation for losses on derivative transactions.
It was in September 1996 when trading in three Morgan Grenfell investment funds was suspended following the discovery of certain 'irreguarities'. Peter Young, the fund manager at the center of the affair, is said to have trod the fine line between genius and eccentric.
UBS Global Asset Management’s Global Real Estate business has announced that Eric Byrne has been appointed as the new Head of Global Multi-Managers & Securities, effective 1 May 2013.
Hot on the heels of the announcement that JPMorgan has spurned Canary Wharf and has chosen the 'Square Mile' for its new European HQ (St Alphage House in London Wall), most of the interest centres around the fact that, of the 1 million square feet that makes up the new building, there will be four giant trading floors of some 72,000 square feet each.
Standard Chartered has announced the appointment of John Cusack as Global Head, Financial Crime Compliance (FCC) and Group Money Laundering Reporting Officer (MLRO).
UBS hired Kevin Lecocq as its global head of products in asset management, a new position, as the firm revamps the unit to boost profitability.
From reading the press in recent weeks, you could be forgiven for thinking that UBS, especially UBS Investment Bank, is having a hard time of it keeping its senior staff. Hardly a week seems to go by without a retirement, departure or resignation. But that's not actually the case.
An opportunity missed - at huge cost.
Bloomberg has put together a league table of the Top 10 corporate brokers to clients in the FTSE 100 Index. Here it is:
Here's the list:
The Times reports that options trader Ghaleb El-Hajjali's decision to change his mind and stay put at Link Asset Securities, instead of taking up his new position at Tullett Prebon, looks like costing him $1.4m.
UBS has named Roger Naylor and Robert Karofsky co-heads of global equities at its investment bank, replacing Mike Stewart who is moving to wealth management.
UBS must provide a $1.4bn security deposit required by French investigators after an appeal was denied.
Sergio Ermotti was challenged by Marc Walder, Chief Executive Officer of Swiss media company Ringier and Gianluigi Bianchi, Managing Partner for Europe of Wealth-X to undertake the ALS Ice Bucket Challenge.