UBS revamp after sub-prime losses
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UBS plans to shrink its investment bank arm after huge losses linked to the US sub-prime loans crisis.
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Johannesburg - Britain&#39;s Barclays yesterday signalled a return to retail banking in South Africa after an absence of 18 years, saying it was in talks to buy a controlling stake in Absa, the country&#39;s biggest retail lender.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its subprime mortgage bets.
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ZURICH, Switzerland  -- UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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The crisis in the US sub-prime mortgage market leads to losses at US consumer finance firm GMAC.
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For make benefit sub-prime crisis Forget the good, old US of A. HSBC wants to bet on places like Kazakhstan for its financial future.â¦
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Subprime-related problems at UBS AG   deepened on Wednesday as the Swiss bank unveiled $4  billion in new writedowns in a surprise statement, dragging the  embattled bank deep into the red for the year.
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Subprime-related problems at UBS AG mounted on Wednesday as the Swiss bank unveiled $4 billion in new write-downs in a surprise statement and sank deep into the red for the year.
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Swiss bank UBS reports a worse-than-expected third quarter loss, hit by bad debt in the US housing market.
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With a series of blockbuster deals bringing merger activity to levels not seen in years, M&amp;A bankers finally are regaining some of the swagger they lost when the boom of the late 1990s went bust.
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UBS Securities, the investment-banking division of the Swiss-based UBS, was accused by Massachusetts regulators of dishonest and unethical practices in dealings with hedge-fund advisers. The subsidiary, based in Stamford, Conn., gave hedge-fund managers below-market rent, low-interest personal loans and other benefits to retain and increase business, according to a complaint from the office of William Galvin, the secretary of the commonwealth and its top securities regulator. The complaint also accuses UBS of failing to supervise gifts and gratuities. The action, filed with the stateâs Securities Division, seeks a cease-and-desist order, a censure and an undisclosed administrative fine, the statement said. Doug Morris, a UBS spokesman in New York, declined to comment.
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Swiss banking titans UBS and Credit Suisse risk losing clients to smaller rivals as annual results next week reveal the heavy impact of the US subprime crisis on their balance sheets.
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UBS , the world's largest wealth manager, reported record full-year profits as its wealth management and investment banking units boomed, hiked its dividend and unveiled a 16 billion Swiss franc ($12.77 billion) share buyback.
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The countryâs banking regulator is planning to find out how UBS racked up $10 billion in write-downs related to the subprime lending problems in the United States. âWe have to look how the situation got so farâ into a loss, a spokesman for the Federal Banking Commission, Alain Bichsel, said. âItâs our job.â On Dec. 10, UBS announced the largest subprime write-downs by any European bank and said it would raise $16.8 billion to improve its financial strength. Mr. Bichsel said that the bankâs response to the losses was âvery goodâ and that UBS would not face an âinvestigation in the legal sense.â There is no evidence of any wrongdoing by UBS, Europeâs largest bank by assets, he added. A spokesman for UBS, Serge Steiner, declined to comment.
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ZURICH/NEW YORK  - Swiss banking group UBS, the  world's largest wealth manager, said on Monday it had  strengthened its position in the United States by buying local  rival Julius Baer's U.S. wealth-management business.
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JOHN Stewart, Michael Ullmer and Ahmed Fahour have devised a simple plan to restore the fortunes of National Australia Bank - they are returning to an updated version of the management systems used by former chief executive Don Argus in the first half of
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UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.