Fine for rigging Libor helps push UBS £1.3bn into the red
Tuesday 05 February 2013
The Swiss bank UBS lost Sfr1.9bn (£1.3bn) in the final quarter of 2012 after it was hit with £994m of fines for rigging Libor.
The bank, which is cutting back on investment banking activities and concentrating on wealth management, also reduced its bonus pool for bankers by 7 per cent and said it would pay much of those bonuses in bonds which could lose all their value if the bank got into trouble again. Despite the losses, the bank also launched Sfr5bn of its own bonds, with the chief executive, Sergio Ermotti, saying it could afford to do so because of the way it had reduced the riskiness of its balance sheet. The bank is in the process of cutting 10,000 jobs worldwide. But analysts noted that wealth management saw a much lower inflow of new money in the final quarter than expected, at Sfr2.4bn – less than half forecast.
The business has been hit by withdrawals by EU customers worried about attacks on Switzerland for helping tax avoidance.
- 2 Moscow voted the world's unfriendliest city
- 3 The excuses your boss is most likely to believe when you call in sick
- 4 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 5 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The one chart that shows how George Osborne is almost certainly going to be our next Prime Minister
The excuses your boss is most likely to believe when you call in sick
Bono's group has made more money from Facebook investment than from all his music
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...