News by tag: UBS

18.09.2017

Dirty Money? Someone is flushing €500 notes in Geneva's toilet

Swiss prosecutors are trying to figure out why someone apparently attempted to flush tens of thousands of euros down the toilet at a Geneva branch of UBS Group AG.  The first 500-euro ($597) bills were discovered several months ago in a bathroom close to a bank vault containing hundreds of safe deposit boxes, according to a report in Tribune de Geneve confirmed by the city prosecutor’s office. A few days later, more banknotes turned up in toilets at three nearby restaurants, requiring thousands of francs in plumbing repairs to unclog the pipes.

 
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13.09.2017

UBS warns: Australian housing market built on $500 bn of liar loans

The UBS banking team has released its annual survey on factual inaccuracies in Australian mortgage applications, and the results aren't pretty. The latest detailed survey of more than 900 people who took out a home loan in 2017 has found that only 67 per cent responded that their mortgage was "completely factual and accurate", down from 72 per cent of 2016 borrowers.

 
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12.09.2017

Family offices, looking at emerging markets, recorded a healthy 7% last year

Equities and private equity drove a turnaround in family office investment performance this past year, as revealed in the newly-released Global Family Office Report 2017 (GFO). The composite global portfolio of family offices (FOs) returned a healthy 7% in 2016, compared with 2015’s disappointing 0.3%. Growth was driven by equities and private equities, which represent a combined 47% of family office portfolio. Meanwhile, performance of hedge funds and real estate was more subdued, and their popularity among FOs declined accordingly.

 
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01.09.2017

Brexit: UBS plans to land in Frankfurt

UBS is mulling over shifting its trading headquarters from London to Frankfurt inside the European Union (EU), post Brexit, as Bloomberg report. The Swiss firm’s investment bank employs about 4,800 bankers globally and could move 250 or more jobs out of London to Frankfurt and other European locations, two of the people briefed on the deliberations said, asking not to be identified as the talks are private.

 
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01.09.2017

Bitcoin: Credit Suisse joins UBS-lead blockchain project

Several major banks have joined a project called Utility Settlement Coin (USC) that is intended to facilitate the issuance by central banks around the world of currencies using Blockchain technology. Six international banks: Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined up with UBS to develop a new digital cash system using the blockchain. BNY Mellon, Deutsche Bank, Santander and the blockchain company Clearmatics joined the project back in 2015.

 
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21.08.2017

US: Credit Suisse, UBS sued by three pension funds

Three public pension funds, including the Orange County Employees Retirement System, have sued a half-dozen Wall Street banks, alleging they illegally conspired to control a corner of the stock market, leading to higher charges for the funds and thus less money for retirees.

 
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28.07.2017

UBS Q2 +14%, up for wealth management

UBS kept a cautious outlook on the second half of 2017 on Friday after it reported an unexpected rise in second-quarter net profit, boosted by higher earnings at its flagship wealth management business. UBS said net income was 1.17 billion Swiss francs ($1.21 billion) during the second quarter, up from CHF1.03 billion a year earlier and far overshooting the average forecast in a Reuters analyst poll for 879 million francs. Operating income fell slightly to CHF7.3 billion from CHF7.4 billion a year earlier. 

 
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26.07.2017

Remain, UBS consumption indicator suggests

The UBS Swiss consumption indicator rose to 1.38 points in June from a downwardly revised 1.32 in May, the Swiss bank's economists said on Wednesday.  "UBS consumption indicator printed 1.38 in June, pointing to subdued growth in Swiss private consumption in recent months. Relatively weak growth in employment was much to blame for the lackluster number, however this was offset somewhat by robust new car registrations data and overnight hotel stays by Swiss nationals" the noted reported.

 
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13.07.2017

HSBC, UBS settle US litigation over rigging interest rates

HSBC and UBS  have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate benchmark used in the $483 trillion derivatives market, Reuters reported. Switzerland’s largest lender was one of 10 banks accused of having rigged the Isdafix index, which is used to price swap transactions, commercial real estate mortgages and structured debt securities.

 
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13.07.2017

Millennial Generation will be worth $24 trillion by 2020

The millennial generation could be worth as much as $24 trillion in three years' time, according to UBS, not bad when it's roughly 1.5 times the size of the U.S. economy in 2015. But the research shows a surprise: in the Middle East millennials are more hard-working and entrepreneurial compared to their global peers.

 
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