Skip to: Content
Skip to: Site Navigation
Skip to: Search
THURSDAY, NOVEMBER 26, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter

NEWS ABOUT: UBS

UBS stories: 55 news summaries

21 - 40 of 55 Stories | << Prev 1 2 3 Next >>

Switch to grid view »

analysis

 Why Midafternoon 
 Brings Out the Bears 

Wall Street is facing one of its worst bear markets since World War II

Oct 16, 08 12:50 PM CDT
(Newser) - An increasingly familiar Wall Street phenomenon—a three-digit swing in the Dow, usually down, in the final hour of trading—is a direct result of population growth in one species: bears. Margin calls are forcing panicked sell-offs, it's true, but the situation is more complicated than that, experts tell... More »

MORE ABOUT:
stock market • Wall Street • Ken Griffin • Dow Jones • UBS • hedge fund • bear market • Citadel Investment Group • financial crisis

 Swiss Offer UBS $60B Bailout 

Troubled banking giant will get capital injection, offload bad debts

Oct 16, 08 6:46 AM CDT
(Newser) - Switzerland became the latest nation to shore up struggling banks, reports the Telegraph, as it bailed out UBS to the tune of $60 billion today. The Swiss central bank will offer UBS a capital injection of $6 billion in exchange for 9% of the company, and it will allow UBS ... More »

MORE ABOUT:
Credit Suisse • Switzerland • UBS • mortgage backed securities • bailout • Swiss National Bank • financial crisis

 Banks Lead Europe 
 Market Plunge 

EU leaders' disagreements sow fear

Oct 6, 08 4:36 AM CDT
(Newser) - Financial stocks led sharp declines across European markets this morning after the continent's finance ministers failed to agree on a joint effort to stem the crisis. By 10 a.m. in London the FTSE was down 5.2%, with troubled banking giant HBOS plummeting 15%. In Frankfurt the Dax was... More »

MORE ABOUT:
Deutsche Bank • UBS • European markets • FTSE • CAC 40 • DAX • Societe Generale • HBOS • financial crisis

Fraud Case Breaches Venerable Swiss Secrecy

Nation's tradition of bank secrecy imperiled by UBS investigation

Oct 1, 08 10:50 AM CDT
(Newser) - Swiss authorities are cooperating with an American investigation into a tax fraud scandal, dealing a major blow to the nation's tradition of banking secrecy. Swiss bank UBS is alleged to have helped up to 20,000 American clients evade taxes by stashing their fortunes—collectively worth $20 billion—in undeclared... More »

MORE ABOUT:
Department of Justice • Switzerland • UBS • tax evasion • tax fraud • bank scandal • Swiss bank • bank secrecy

 10 Banks Form 
 $70B Fund to 
 Stave Off Crash 

Paulson brokers twin public-private liquidity measures

Sep 15, 08 5:27 AM CDT
(Newser) - Ten of the world's largest banks have formed a massive liquidity fund to mitigate the effects of the Lehman Brothers meltdown, reports the Financial Times. All the investment banks will be able to borrow up to a third of the $70 billion fund in order to reduce volatility and stay... More »

MORE ABOUT:
Wall Street • Citigroup • Bank of America • Barclays • Goldman Sachs • Federal Reserve • Credit Suisse • Henry Paulson • Morgan Stanley • Deutsche Bank • UBS • Merrill Lynch • funds • Lehman Brothers • liquidity • investment banks • JPMorgan Chase

 3 More Wall Street Firms Agree to Buy Back Securities

Settlement reached after auction-rate securities market collapse

Aug 22, 08 2:23 AM CDT
(Newser) - Merrill Lynch, Goldman Sachs and Deutsche Bank have agreed to a settlement with New York's attorney general and other state regulators to buy back $14.5 billion of now worthless auction-rate securities. The brokerages will also pay $162 million in fines to settle charges that they misled investors into thinking... More »

MORE ABOUT:
Citigroup • Goldman Sachs • Wachovia • Morgan Stanley • Deutsche Bank • UBS • Merrill Lynch • SEC • Andrew Cuomo • John Thain • auction-rate securities • JPMorgan Chase

MARKETS

 Financials Lead Broad Slump 

Equities fall even though oil does, too

Aug 12, 08 3:30 PM CDT
(Newser) - Stocks fell today as waves of bad news from the financial sector battered investor sentiment, MarketWatch reports. Equities lost value despite a $1.44 drop in the price of oil, reversing what has recently been a consistent inverse relationship. The Dow fell 139.88 to 11,642.47, the Nasdaq... More »

MORE ABOUT:
Dow Jones • Wachovia • UBS • Nasdaq • S&P 500 • auction-rate securities • JPMorgan Chase • oil prices

(Newser) - UBS, pressured by state and federal authorities, has agreed to buy back $19.4 billion in risky auction-rate securities that were widely sold as cash-like and safe, the Boston Globe reports. The market for the securities, which are a type of bond sold by non-profits, art institutions and local governments,... More »

MORE ABOUT:
Citigroup • UBS • Merrill Lynch • bonds • auction-rate securities • investment banks

UBS: No More Swiss Cheese for US Clients

Bank under scrutiny for aiding tax evasion apologizes, shuts door

Jul 17, 08 3:08 PM CDT
(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... More »

MORE ABOUT:
taxes • IRS • Senate • UBS • tax evasion • savings account • Swiss bank

UPDATED

Judge Orders UBS to Cough Up Clients' Names

Ruling a blow to Swiss bank, anonymous customers

Jul 1, 08 5:20 PM CDT
(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... More »

MORE ABOUT:
IRS • UBS • Swiss bank

Feds Battle
UBS to Give Up Tax Dodgers

Swiss bank pressed
for names of US customers

Jul 1, 08 2:43 AM CDT
(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.... More »

MORE ABOUT:
UBS • tax evasion • Internal Revenue Service • banking • tax fraud • Swiss bank

UBS Case May Reveal Secrets of the Rich

Swiss bank considers divulging names
of 20,000 US clients

Jun 6, 08 7:40 AM CDT
(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.... More »

MORE ABOUT:
IRS • UBS • tax evasion • secrecy • banking • Swiss bank

US Victims of Attacks in Israel Sue Swiss Bank

UBS gave Iran money
it knew would support terrorism, suit says

May 13, 08 8:47 AM CDT
(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... More »

MORE ABOUT:
Iran • Israel • Hamas • Hezbollah • Switzerland • UBS • bank • militia • Islamic Jihad

Feds Detain Top UBS Banker in Tax-Fraud Probe

Swiss giant's fortunes go from bad to worse

May 7, 08 6:25 AM CDT
(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,"... More »

MORE ABOUT:
Department of Justice • UBS • tax evasion • SEC • tax fraud

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

Swiss bank prepares to lay off over 2,000 investment bankers

May 6, 08 5:52 AM CDT
(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... More »

MORE ABOUT:
layoffs • UBS • investment bankers • mortgage backed securities • BlackRock • subprime crisis

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

Swiss bank likely to announce cutbacks with earnings

May 5, 08 6:25 AM CDT
(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... More »

MORE ABOUT:
layoffs • shareholders • UBS • banking • writedowns • subprime crisis

UBS Girds for Battle With  Group Led by Ex-President

Investors tell ailing Swiss banking giant its time to cut dead weight, sell businesses

Apr 4, 08 12:07 PM CDT
(Newser) - UBS, one of the banks hardest hit by the subprime collapse with $37.7 billion in writedowns, is under attack from an investor group led by one of its former presidents, reports the Wall Street Journal. The group wants the Swiss banking giant to spin off its investment bank, blaming... More »

MORE ABOUT:
shareholders • UBS • banking • subprime crisis • credit market chaos • Luqman Arnold

MARKETS

 Stocks Rocket 
 to Start 2nd Quarter 

Dow clears 70-year-old mark

Apr 1, 08 3:51 PM CDT
(Newser) - The Dow leapt almost 400 points today, the best kickoff to a second quarter since 1938. Lehman Brothers and UBS announced plans to raise capital, cheering investors and convincing many that big banks can work through the credit crisis, Bloomberg reports. The Dow ended up 391.47 at 12,654.... More »

MORE ABOUT:
stock market • Dow Jones • UBS • Lehman Brothers • Nasdaq • S&P 500

Earnings Report

 UBS Posts $12B Quarterly Loss; Chairman Steps Down

Swiss bank adds $19 billion in writedowns; chairman steps down

Apr 1, 08 6:08 AM CDT
(Newser) - UBS announced a $12.1 billion first-quarter loss and another $19 billion in writedowns as fallout from the US subprime meltdown continued to haunt the Swiss banking giant, reports Bloomberg. Chairman Marcel Ospel, who oversaw the creation of the bank in 1998 will step down. UBS says it will ask... More »

MORE ABOUT:
Citigroup • UBS • Merrill Lynch • subprime crisis • Marcel Ospel

Credit Suisse Warning Revives Rogue Trader Fears

'Intentional misconduct' behind billions in writedowns

Mar 21, 08 8:28 AM CDT
(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... More »

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

21 - 40 of 55 Stories | << Prev 1 2 3 Next >>


from our news partners

Associated PressAssociated Press