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September 8, 2008 12:36:13 PM CDT

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Stories related to: UBS

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  • August 2008
  • July 2008

    • UBS: No More Swiss Cheese for US Clients

      Wall Street Journal  |  Jul 17, 08 3:08 PM CDT

      UBS: No More Swiss Cheese for US Clients

      (Newser) - A UBS executive told a Senate probe today the bank will no longer host accounts for US clients, the Wall Street Journal reports. The Swiss bank is under investigation by the IRS for marketing tax-evasion strategies involving its offshore accounts to wealthy Americans. The Senate panel estimates that the US loses about $100 billion annually due to offshore tax evasion. More »

      Tags

      Senate  • taxes  • UBS  • IRS  • tax evasion  • Swiss bank  • savings account

    • Judge Orders UBS to Cough Up Clients' Names

      New York Times  |  Jul 1, 08 5:20 PM CDT

      Judge Orders UBS to Cough Up Clients' Names

      (Newser) - UBS must share the names of account holders with prosecutors investigating tax-evasion allegations against the Swiss bank's clients, a federal judge ruled this afternoon. Whether the bank would comply or appeal wasn't known, but UBS said in a statement it "looks forward to working with the IRS to address the summons," the New York Times reports. More »

      Tags

      UBS  • IRS  • Swiss bank

    • Feds Battle UBS to Give Up Tax Dodgers

      New York Times  |  Jul 1, 08 2:43 AM CDT

      Feds Battle UBS to Give Up Tax Dodgers

      (Newser) - The Justice Department is pressing UBS for the names of suspected tax dodgers with secret bank accounts in Switzerland, the New York Times reports. Federal authorities believe the Swiss bank may have helped up to 20,000 Americans stash $20 billion in offshore accounts, evading hundreds of millions in taxes. The investigation threatens to rock the Swiss banking system, which has tightly guarded its secrets since the Middle Ages. More »

      Tags

      banking  • UBS  • tax evasion  • Internal Revenue Service  • tax fraud  • Swiss bank

  • June 2008

    • UBS Case May Reveal Secrets of the Rich

      New York Times  |  Jun 6, 08 7:40 AM CDT

      UBS Case May Reveal Secrets of the Rich

      (Newser) - The Swiss bank UBS built itself into a financial powerhouse on the strength of its private wealth management division, in which discreet bankers tended to the fortunes of the world's elite. But a major American tax evasion probe may lead UBS to do what was once unthinkable: divulge its secrets. The bank might release the names of up to 20,000 clients to the feds, and the rich are running scared, the New York Times reports. More »

      Tags

      banking  • UBS  • IRS  • tax evasion  • secrecy  • Swiss bank

  • May 2008

    • US Victims of Attacks in Israel Sue Swiss Bank

      Reuters  |  May 13, 08 8:47 AM CDT

      US Victims of Attacks in Israel Sue Swiss Bank

      (Newser) - American victims of attacks in Israel are suing Switzerland's biggest bank for helping fund militants by providing money to Iran, Reuters reports. The lawsuit says UBS AG gave loans to Iran even though it supports Hezbollah, Hamas, and Islamic Jihad. The plaintiffs seek $500 million in damages for some 50 US citizens who were hurt or whose relatives were killed in attacks between 1997 and 2006. More »

      Tags

      Iran  • Israel  • Hamas  • Hezbollah  • bank  • Switzerland  • UBS  • Islamic Jihad  • militia

    • Feds Detain Top UBS Banker in Tax-Fraud Probe

      Financial Times (UK)  |  May 7, 08 6:25 AM CDT

      Feds Detain Top UBS Banker in Tax-Fraud Probe

      (Newser) - Already reeling from record losses and preparing to cut 5,500 jobs, UBS has acknowledged the Department of Justice is investigating the mega-bank for helping its wealthiest clients evade taxes. The feds "briefly detained" one of the Swiss firm's most senior private bankers as a "material witness," UBS said. Insiders told the Financial Times that the DoJ held the employee to encourage the bank to come clean. More »

      Tags

      Department of Justice  • SEC  • UBS  • tax evasion  • tax fraud

    • UBS Cuts 5,500 Jobs, Sells Off $15B in Assets

      Wall Street Journal  |  May 6, 08 5:52 AM CDT

      UBS Cuts 5,500 Jobs, Sells Off $15B in Assets

      (Newser) - UBS will cut 5,500 jobs, slightly fewer than expected, by the middle of 2009 as part of a major restructuring effort, the troubled Swiss bank said today in announcing an $11-billion first-quarter loss. Some 2,600 of the layoffs will be among investment bankers, mostly in London and New York. UBS will also sell off $15 billion in mortgage-backed securities to BlackRock and plans further sales of its mortgage holdings in the future. More »

    • UBS to Lay Off 8,000, Add $11.4B to Writedowns

      Bloomberg  |  May 5, 08 6:25 AM CDT

      UBS to Lay Off 8,000, Add $11.4B to Writedowns

      (Newser) - Swiss banking giant UBS will lay off some 10% of its 83,000 workforce and scale back its investment banking arm in an attempt to reassure shareholders that it's taking actions to curtail losses associated with the subprime debacle, reports Bloomberg. Switzerland's largest bank says it will detail a further $11.4 billion in first-quarter writedowns in its earnings report tomorrow—bringing the total to $38 billion over the past three quarters. More »

      Tags

      shareholders  • banking  • UBS  • subprime mortgage crisis  • layoffs  • writedowns

  • April 2008
  • March 2008

    • Credit Suisse Warning Revives Rogue Trader Fears

      Financial Times (UK)  |  Mar 21, 08 8:28 AM CDT

      Credit Suisse Warning Revives Rogue Trader Fears

      (Newser) - Investment banks got a brief lift from Wall Street results this week, but surprising reports from Credit Suisse are likely to send their confidence back into the basement, the Financial Times reports. The Swiss firm issued an unexpected first-quarter profits warning yesterday—and said “intentional misconduct” from its own traders was partly to blame. Credit Suisse's shares took a 9% dive following the disclosure. More »

      Tags

      finance  • banking  • UBS  • writedowns  • investments  • Credit Suisse  • rogue trader  • asset management

    • Wall Street Faults Rules on Writedowns

      Wall Street Journal  |  Mar 1, 08 12:09 PM CST

      Wall Street Faults Rules on Writedowns

      (Newser) - After months of staggering writedowns battering Wall Street, some investors and executives are charging that accounting rules are exaggerating losses and triggering slumps like yesterday’s 315-point plunge in the Dow, reports the Wall Street Journal . Rules requiring companies to value holdings at current market rates, no matter how volatile, have a domino effect, they say: "The market falls, forcing banks to take write-offs, pushing the market lower, causing more write-offs," the Journal writes. More »

      Tags

      Federal Reserve  • Wall Street  • subprime crisis  • investors  • UBS  • AIG  • write down

  • February 2008

    • UBS Posts Record $11.2B Quarterly Loss

      Daily Telegraph (UK)  |  Feb 14, 08 6:10 AM CST

      UBS Posts Record $11.2B Quarterly Loss

      (Newser) - Swiss banking giant UBS today reported an $11.23-billion fourth-quarter loss—the largest ever by a bank — and its first full-year loss ever, after taking $13.7 billion more in subprime mortgage writedowns, reports the Telegraph. UBS, which still has a $27.59-billion exposure to subprime securities, is likely to take further markdowns in the next quarter, the company said. "UBS expects 2008 to be another difficult year," the bank said in a statement. More »

      Tags

      subprime mortgages  • corporate earnings  • UBS  • shares

    • Feds Eye UBS as Subprime Probe Widens

      Wall Street Journal  |  Feb 2, 08 12:06 PM CST

      Feds Eye UBS as Subprime Probe Widens

      (Newser) - US criminal prosecutors investigating the subprime mortgage mess want to find out if UBS deliberately misled investors, the Wall Street Journal reports. The Swiss banking giant may have put mortgage bonds on its books at high prices despite knowing their valuations had plummeted. There are multiple probes into the mortgage crisis; until now most of them have involved civil authorities. More »

      Tags

      subprime mortgages  • FBI  • subprime crisis  • SEC  • Merrill Lynch  • UBS

  • January 2008

    • Subprime Woes Cost UBS Record $4B Loss

      Wall Street Journal  |  Jan 30, 08 5:59 AM CST

      Subprime Woes Cost UBS Record $4B Loss

      (Newser) - Hit hard by the subprime mortgage crisis, UBS AG announced it will write down an additional $4 billion in bad investments and post a $4.03 billion loss for 2007, a record for the company and significantly more than the Swiss banking giant predicted in December, reports the Wall Street Journal . Analysts warn that more writedowns could be coming. More »

  • December 2007

    • In Need of Cash, Banks Looking to Sell

      Wall Street Journal  |  Dec 28, 07 7:48 AM CST

      In Need of Cash, Banks Looking to Sell

      (Newser) - Still in need of cash, as subprime writedowns continue to maul bottom lines, US and European banks are selling off or shuttering non-critical assets. They've already sold stakes to foreign investors and borrowed from central banks; now it's time for the yard sale, as the Wall Street Journal puts it. Citigroup and the UK’s HSBC, among others, are primed to sell. More »

      Tags

      subprime mortgages  • Citigroup  • Merrill Lynch  • Morgan Stanley  • UBS  • HSBC

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