News

Don’t cry for Aberdeen Asset Management but Argentina’s currency issues sent it falling yesterday.

UBS and US initial deal over tax evasion case

The Swiss bank UBS and the US government have settled their dispute over the disclosure of names of wealthy Americans suspected of tax evasion using UBS accounts.

Swiss UBS continues in the red as costs weigh

The Swiss banking giant UBS has failed to emulate some of its biggest rivals at home and abroad as it posted a third consecutive quarterly loss, hit by exceptional charges.

Swiss banks' veil of secrecy slips

Attempts by the US tax authorities to stop Americans using accounts with UBS to hide assets look likely to reform Switzerland's historic banking laws, says Stephen Foley

UBS replaces investment banking boss

UBS has replaced its investment banking chief after just a year and split the role into two, as its new chief executive, Oswald Grübel, looks to make his mark at the beleaguered Swiss group.

UBS to cut 8,700 jobs as gloom deepens

Swiss bank targets 'long road to success' as it reports Sfr2bn losses in first quarter

UBS to cut 8,700 jobs

UBS will cut another 11 per cent of staff, its new chief executive said today, warning that Switzerland's largest bank still faces an uncertain future.

UBS names former Swiss finance minister as new chairman

Just days after naming a former head of arch-rival Credit Suisse as chief executive, the Swiss bank UBS yesterday announced plans to name a former Swiss finance minister as chairman as it seeks to put its recent troubles behind it and present investors and regulators with fresh faces.

Former Credit Suisse chief Grübel to take helm at UBS

The beleaguered Swiss bank UBS seems to be trying to borrow some of the magic that allowed its arch-rival Credit Suisse to ride through the credit crunch relatively unscathed as it took the almost-unprecedented step yesterday of hiring a former head of its nemesis as its new chief executive.

Secret Swiss bank accounts under threat

Switzerland pledged to maintain its tradition of banking secrecy yesterday after its authorities took the unprecedented step of revealing to US investigators the names of up to 300 American clients of troubled UBS bank who were suspected of tax fraud.

UBS agrees to pay $780m in fines

The Justice Department said on yesterday that Switzerland's largest bank has entered into what is known as a deferred prosecution agreement on charges of conspiring to defraud the United States by impeding the Internal Revenue Service.

UBS suffers worst loss in Swiss history

Bank cuts 2,200 more jobs in attempt to return to profit

UBS says its next results will show worst is over

The Swiss banking powerhouse UBS hopes it has left the worst of the credit crunch behind, predicting a return to quarterly profit for the first time in a year when it announces its results next month.

UBS adds to gloom at end of bank season

The beleaguered Swiss banking giant UBS is expected on Tuesday to write off a further €3.5bn (£2.7bn) of assets hit by the credit crunch, drawing the curtain on the second-quarter reporting season for Europe's banks.

New York in multibillion-dollar mis-selling case against UBS

Seven senior executives at UBS cashed in $21m (£10.6m) of their personal holdings in auction-rate securities just before the market for these securities collapsed, leaving thousands of the Swiss financial giant's clients holding securities they could not sell.

UBS tries to restore credibility with boardroom shake-up

UBS announced the unexpected resignations of four directors yesterday as it began to overhaul its board in an attempt to restore stability.

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