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NEWS ABOUT: UBS

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Switzerland's Oldest Bank Indicted Over US Tax Cheats

Wegelin brought down by probe

(Newser) - A Swiss bank older than the US has been indicted by the Justice Department for helping Americans dodge taxes. Wegelin, a 270-year-old private bank, helped some 100 wealthy Americans hide more than $1.2 billion from the IRS, according to the indictment. Clients who decided to co-operate with the investigation... More »

UBS Chief Resigns After Trader's $2.3B Loss

Oswald Gruebel steps down from Zurich bank

(AP) - UBS chief executive Oswald Gruebel has resigned over a $2.3 billion rogue trading loss . The bank said Gruebel's decision was an attempt to allow UBS to start afresh following the latest major scandal to hit Switzerland's biggest bank. Bank President Kaspar Villiger said the board tried to... More »

UBS Jacks Rogue Loss to $2.3B

Resolute CEO Oswald Gruebel says he's not quitting

(Newser) - UBS has revised the $2 billion loss it suffered at the hands of a rogue trader this week, and not in a good way: The actual damage was $2.3 billion, reports the BBC . The grim news comes amid increased scrutiny of the banking giant, after reports that its internal... More »

Rogue UBS Trader Turned Himself In

And that's the only way the bank found him

(Newser) - So who was the crack financial sleuth who caught rogue UBS trader Kweku Adoboli? Um, that’d be Kweku Adoboli. UBS’ internal systems didn’t blink at Adoboli’s $2 billion screw-up ; it only came to light because he brought it to his bosses’ attention, the BBC reports. The revelation... More »

Rogue UBS Trader Loses $2B

Swiss bank's shares dive after unauthorized trading revealed

(Newser) - A rogue trader at UBS has lost around $2 billion, the Swiss banking giant says. The unauthorized trades by a trader in its investment banking unit "could lead UBS to report a loss for the third quarter of 2011," but "no client positions were affected," the... More »

Feds Sue Big Banks Over Mortgages

US accuses them of dodging due diligence as crisis fallout spreads

(Newser) - The Federal Housing Finance Agency—the agency behind Fannie Mae and Freddy Mac—has filed suit against more than a dozen big banks for their role in the mortgage meltdown mess. The feds, seeking billions in compensation, accuse the banks of misrepresenting the quality of mortgage securities, reports the New ... More »

Banks to Pay SEC for Financial Crisis Fraud

They're near deal to settle allegations on mortgage-bond deals

(Newser) - A number of top Wall Street banks are on the verge of settling fraud allegations with the SEC for the mortgage-bond shenanigans that led to the financial crisis, sources tell the Wall Street Journal . The cases are being handled individually, since each bank faces substantially different charges, with the first... More »

UBS to Workers: OK, Wear Whatever Skivvies You Want

Swiss bank goes back to basics after getting mocked

(Newser) - UBS is pulling back from its much-maligned and hilariously over-specific dress code —which recommended employees opt for "personality enhancing" makeup and "easily washable" underwear—the Wall Street Journal reports. The bank strips the previous 44-page style guide down to a few key elements, but now mandates that... More »

UBS's Bizarre Dress Code: Easily Washable Underwear

Also, no short skirts, flashy accessories, and keep that gray hair

(Newser) - Swiss bank UBS AG really, really cares how its retail banking staff looks. Details from its new 43-page dress code, part of a campaign meant to re-establish confidence in the brand, via the Wall Street Journal :
  • Colors: Dark gray, black, and navy blue “symbolize competence, formalism, and sobriety.”
... More »

Fed Dished $3T in Aid to Foreign Banks

Other beneficiaries included ... Verizon, Harley-Davidson?

(Newser) - The beneficiaries of the Federal Reserve's $3.3 trillion in emergency programs during the financial crisis aren't names you'd expect to see: Foreign banks including UBS and Barclays ranked among the biggest borrowers under the Commercial Paper Funding Facility, sparking more debate over the central bank's role, Bloomberg reports. A... More »

Neutral Swiss Becoming US Lapdogs, Critics Charge

'Active neutrality' policy questioned after Polanski, UBS decisions

(Newser) - Some Swiss politicians are griping that the country's prized neutrality appears to be sliding as the government adopts a more accommodating stance toward US authorities. The government agreed in August to turn over the names of thousands of suspected American tax dodgers banking with UBS, and Roman Polanski was busted... More »

UBS to Hand Over Names of 4,450 Clients

(Newser) - UBS will hand over the names of 4,450 of its American account holders as part of a tax evasion settlement, the Wall Street Journal reports, and another 5,000 names will be produced under a special IRS amnesty program. UBS won’t pay a monetary fine. Those being turned... More »

Tax-Evader Crackdown Spreads to Hong Kong

(Newser) - The IRS and Justice Department crackdown on UBS is widening, reports the Wall Street Journal, as new documents reveal the efforts the bank took to keep its clients' wealth away from the taxman. Two recent cases have relied on channeling millions to a Swiss account owned by a Hong Kong-based... More »

US Settles Tax Evasion Suit With UBS, Swiss

(Newser) - Swiss bank UBS AG has agreed to a settlement with the US to resolve a lengthy tax evasion probe, the Wall Street Journal reports. The details are currently under wraps, as the final documents await signatures. UBS will likely hand the IRS the names of  8,000 to 10,000... More »

Tax Cheats Flood IRS, Looking to Come Clean

Inquiry into Swiss banks leads hundreds of evaders to come clean

(Newser) - A crackdown on tax evasion has led to a flood of wealthy Americans lining up to reveal their offshore accounts to the IRS, reports the Wall Street Journal. A limited-time offer of lower fines, coupled with the ongoing probe of Swiss bank accounts held by UBS, has produced a stampede... More »

Feds, Swiss Call Timeout in US Tax Evasion Case

(Newser) - Aiming to avoid an ugly international dispute, the US government, Switzerland, and a Swiss bank are seeking to delay a hearing over private bank accounts, the Wall Street Journal reports. The respite would give government officials and UBS until August to strike a deal over data on some 52,000... More »

Banks Lead Asian Stock Rally

Nikkei rises 4.6% to 6-month high

(Newser) - The Nikkei stock average soared 4.6% today to close at a 6-month high, leading a rally across Asia. Banking stocks led advances as worries about the US financial system abated, with Mitsubishi UFJ jumping more than 15%. Markets in London, Paris and Frankfurt all opened in positive territory and... More »

UBS Refuses to Hand Over Names of US Tax Cheats

Bank charges IRS is trying to trample on Swiss laws

(Newser) - Swiss bank UBS has rejected a demand from the IRS that it cough up the names of 52,000 suspected American tax evaders, the Times of London reports. The bank—which paid out $780 million to avoid prosecution for helping rich Americans dodge their taxes—said the lawsuit by the... More »

UBS Announces $1.7B More Losses, 8,700 Job Cuts

Bank blames US tax fraud case for some of its 1Q losses

(Newser) - Bad times are continuing for UBS in the wake of last year's record loss, the Guardian reports. The troubled Swiss bank reported a $1.75 billion loss in the first quarter, and announced plans to ax 8,700 employees—11% of its global workforce—sparking rumors that it plans to... More »

UBS Bans Its Execs From Foreign Travel

Swiss bank facing US inquiry into tax dodge grounds managers

(Newser) - UBS has banned managers who deal with foreign clients from traveling abroad, the Daily Telegraph reports. The Swiss bank, which has refused to give US investigators the names of 50,000 suspected tax dodgers, denied that the ban is to protect senior staff from American authorities. Analysts, however, see the... More »

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