UBS Aquires Schwab Capital Markets Business
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The research operation will be shuttered, sources close to the company said, since UBS already has coverage in the areas where Schwab&#39;s Soundview is strong.
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UBS  is preparing a new growth initiative in the United States that may include acquisitions as it seeks to bolster its investment banking and wealth management business, the Swiss group's chairman said on Sunday.
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SAN FRANCISCO (CBS.MW) -- Charles Schwab &amp; Co. is opening new offices that are smaller than its current branches as part of a plan to cut costs and compete with discount-brokerage rivals, the company said Thursday.
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U.S. and European banks including Citigroup Inc  and HSBC Holdings PLC  are mulling sales of parts of their businesses from branches to entire units in a nod to crunch times ahead, the Wall Street Journal reported on its Web site on Thursday.
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Citigroup said in a research note that  UBS  could face up to 20 billion Swiss francs ($18.10  billion) in new writedowns in 2008 after revealing it has $80  billion in exposures to subprime loans and other debt.
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Swiss banking group UBS said that it had paid 265 million dollars (219 million euros) to buy SoundView, the capital markets division of online broker Charles Schwab to strengthen its position on the US Nasdaq market.
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Charles Schwab Corp. (SCH.N: Quote, Profile, Research) on Tuesday said it had agreed to pay a fine of $350,000 to settle SEC enforcement proceedings related to the processing of mutual fund orders.
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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 banking giant UBS says it will acquire Charles Schwab&#39;s (SCH ) brokerage unit, SoundView Capital Markets, as well as the Capital Markets Division of Schwab for $265 million in cash.
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Transatlantic stock market operator NYSE Euronext has begun an investigation into the trading in shares in Dutch bank ABN Amro that surrounded an announcement that ABN was a takeover target of British bank Barclays, ABN said Tuesday.
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CHICAGO _ Discount brokerage Charles Schwab Corp. on Tuesday settled regulators&#39; allegations that it allowed scores of improper mutual fund trades, agreeing to pay a $350,000 fine.
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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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UBS said Tuesday that it would buy Charles Schwab&#39;s market making, research and institutional trading unit for $265 million in cash.
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SAN FRANCISCO (CBS.MW) -- Charles Schwab &amp; Co. agreed to pay $350,000 to settle Securities and Exchange Commission charges that the discount broker allowed customers to trade mutual funds after hours, the company said Tuesday.
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Employees at the institutional investing unit of brokerage Charles Schwab (SCH ) are anxiously awaiting an announcement from management that their division is to be sold to investment bank UBS (UBS ) for a reported $265 million.
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Finmeccanica was a leading gainer in European stock markets Thursday as UBS (NYSE:UBS) highlighted its exposure to the Boeing 787 Dreamliner.
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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.