News by tag: UBS

18.01.2017

Hong Kong regulator sues StanChart, UBS over Chinese company's IPO

Hong Kong's stock market regulator has filed a lawsuit against major banks Standard Chartered and UBS along with consultancy firm KPMG over a 2009 initial public offering on the city's bourse.  On Monday, the Securities and Futures Commission sued UBS, Standard Chartered and others over their role in the 2009 IPO of China Forestry, now under liquidation. The case, involving two global finance brands, serves both as an easy win for prosecutors and a way to send a message to listing sponsors – including Chinese banks that now dominate the city’s IPO market.

 
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12.01.2017

UBS lost dispute over French case at Strasbourg court

Swiss bank UBS has failed to persuade the European Court of Human Rights (ECHR) to overturn an order that it must post €1.1 billion bail in a French case about whether it helped clients avoid tax. UBS had argued before the ECHR that the record-setting bond, a guarantee against an eventual fine upon conviction, violated its right to the presumption of innocence and it took the unusual step of going to the human rights court in 2015. The Strasbourg court said on Thursday it had unanimously rejected UBS's application to challenge the order.

 
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09.01.2017

UBS, Morgan Stanley to raise stakes in China securities JV

Morgan Stanley and UBS Group are planning to raise their stakes in their securities operations in the country to the maximum 49% allowed, people with direct knowledge of the moves said, Reuters reported on Monday. China allowed foreign banks to boost share holdings in securities joint ventures to a maximum 49% in 2012 from the previous cap of a third to help modernise the country's capital markets. Foreign investments banks with securities joint ventures in China, however, have not as yet raised their stakes as most of the ventures were small or struggling to break even due to sluggish onshore deals.

 
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21.12.2016

World's largest trading floor on sale

The UBS trading floor in Stamford, Connecticut, US, once the world’s largest, had more than 5,000 traders slamming phones and kicking trash cans and now it is up for sale, according to a person with knowledge of the offering, as Bloomberg reported. UBS, which had owned the building, is responsible for its maintenance until its lease expires at the end of next year, the person said. Fast forward to today and the near-vacant building, larger than a football field (approximately 720,000-square-foot), has been put on the sale block, since the Swiss bank hasn’t been able to restock its trader ranks after the 2008 financial crisis, the Wall Street Journal reported.

 
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16.12.2016

UBS to cut jobs in Asian investment banking business

UBS Group is cutting nearly two dozen jobs in its Asian investment banking business, mainly in Hong Kong and Singapore, as part of a push to slash costs, people with direct knowledge of the matter said, as Reuters reported. UBS in Hong Kong declined to comment to the newswire. The cuts are likely to hit mid-level staff hardest, but will also include several bankers at the rank of Managing Director. Reuters reported last month that Standard Chartered is set to cut about a tenth of its global corporate and institutional banking headcount across all the major business centres starting with Singapore and Hong Kong, as the bank steps up an aggressive drive to cut costs.

 
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12.12.2016

Deutsche Bank documents discovered manipulation over silver market

Eight months after Deutsche Bank AG settled a lawsuit claiming it manipulated gold and silver prices, documents it disclosed as part of the accord provide “smoking gun” proof that UBS Group AG, HSBC Holdings Plc, Bank of Nova Scotia and other firms rigged the silver market, plaintiffs claim. The newly cited evidence was produced by Deutsche Bank after it reached a $38 million settlement in the case earlier this year. The plaintiffs said the evidence showed the new defendants engaged in collusive price manipulation.

 
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02.12.2016

UBS sets up Frankfurt for Wealth management operation

UBS has announced on Thursday that it is launching a Frankfurt headquarters as it consolidates its European wealth management operations. The bank had been considering London, before its vote to leave the European Union, as the UBS Europe headquarters, as well as well Luxembourg. The new subsidiary, called UBS Europe SE, combines the bank’s German, Italian, Luxembourg, Austrian, Danish, Swedish, Dutch and Spanish wealth management businesses into one legal entity headquartered in the german town. The new set-up is also part of efforts by UBS to streamline its structure as it looks to cut costs by a net 2.1 billion Swiss francs ($2.07 billion) by the end of 2017.

 
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30.11.2016

Tourism improved Swiss UBS Consumption indicator for October

The Swiss UBS consumption index rose slightly to 1.49 for October from a downwardly-revised 1.47 previously, which was originally reported as 1.59. The sizeable downward revision will cause some concerns and the index overall has not changed significantly over the past 3 months, although the overall impact will be limited. Although positive developments in the automobile market and strong domestic tourism supported private consumption, the fall in retail sales prevented a strong growth. In September, the number of hotel stays of Swiss tourists climbed by 1%, the third successive increase.

 
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24.11.2016

UBS to increase swiss salaries in 2017

UBS, Switzerland's biggest bank, will increase the salaries of its employees in Switzerland up to and including the middle management by an aggregate 0.8%, the company said in a statement today.  "This overall result is the outcome of negotiations between employer and UBS employee delegations," the bank said in a statement. The association of banking employees demanded an increase of 1.5% for 2017 and will not be happy about the decision by UBS, which acts as trendsetter for the industry.

 
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09.11.2016

Swiss tax authorities decided non to appeal UBS in French probe

The Swiss federal tax administration (FTA) decided not to appeal against a court decision to let UBS inspect files and receive information in a tax investigation by French tax authorities, FTA said on Monday. Swiss law generally requires banks to automatically hand over client information without a right to be involved in such cases.

 
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