UBS profit hits record as client money flows in
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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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Commerzbank reports a record profit in 2007 despite 774m euros of writedowns linked to the sub-prime mortgage crisis.
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UBS AG said Wednesday it expects a record loss of around $11.45 billion for the fourth quarter, largely a result of bad investments in U.S. subprime mortgages.
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Morgan Stanley  on Wednesday  said its second-quarter earnings rose 41 percent to a new  record, beating expectations on higher trading and investment  banking results.
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Barclays, the UK's third-biggest bank, has said that interim net profits soared 25.3 percent, with strong investment banking offsetting a jump in bad consumer-loan write-offs.
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Westpac Bank has reported a record after-tax profit of $2.54 billion, a 16 per cent increase on the previous year&#39;s results. The bank has also announced a final dividend of 44 cents, taking the full-year dividend to 86 cents fully franked.
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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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Will the bad news never end? On Wednesday, UBS (NYSE:UBS) revealed its third hit from the US subprime crisis, bringing the Swiss bank's total write-downs for 2007 to a staggering $18bn. This while the world is still trying to comprehend how Soci&eacute;t&eacute; G&eacute;n&eacute;rale could have failed to stop an alleged rogue trading scam in the heart of its best-performing business - equity derivatives - costing it EU4.9bn ($7.2bn) and its international credibility. ...
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French banking power BNP Paribas said Thursday it had weathered the impact of a global credit squeeze in the third quarter, when its net earning soared 21 percent from the same period last year.
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SYDNEY Australia &amp; New Zealand Banking Group said Tuesday that second-half profit rose 17 percent to a record after it bought New Zealand&#39;s biggest bank and raised lending to businesses as they increased investment.
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Stock market listings hit a record $227bn worldwide this year as London reinforces its global position, a report says.
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American Express Co., the fourth- largest US credit-card issuer, said quarterly profit climbed 14 percent to a record as customers spent more on travel and carried larger loan balances.
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Goldman Sachs Group Inc. , the largest investment bank by market value, said on Tuesday its quarterly earnings rose to a record, trouncing expectations despite recent fears that mortgage market woes and flagging stocks would hurt results.
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HSBC Holdings PLC, Europe's largest bank by market value, reported Monday that profit rose 5 percent in 2006 despite losses in its mortgage operation in the United States that led to the removal of two senior executives.
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Wells Fargo & Co.  and U.S.  Bancorp  recorded higher second-quarter profits, leading  a batch of bank earnings on Tuesday, as higher fees offset  pressure on lending margins from rising interest rates.
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Swiss banking giant UBS plunged to its first-ever full-year net loss on Thursday after losing 18 billion dollars in the US subprime mortgage crisis.
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Oil giant BP today said record fuel prices and better refining margins had helped it to bank nearly Â£1 million a day in profits. BP posted profits of 3.94 billion US