Shareholder group wants clarity on UBS writedowns
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Shareholder advocacy group Ethos urged more clarity from UBS over its subprime losses, increasing pressure on the bank over heavy writedowns which have hammered its share price.
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NATIONAL Australia Bank is testing the water for interest in its two Irish banks but is yet to commit to selling them. NAB chief executive John Stewart said yesterday that there had been several expressions
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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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Switzerland's largest bank, UBS, confirms it may face legal action from US federal regulators for possible breaches of securities law.
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Northern Rock is likely to be grilled by shareholders over its sale process at a key meeting later on Tuesday.
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Banking giant UBS was cautious over prospects for the rest of the year after a lull in trading hurt its third-quarter profit, despite a strong showing by its blockbuster wealth management operation.
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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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SEC asks the conglomerate for information about participation in the defunct UN program in Iraq. NEW YORK  - Tyco International said the Securities and Exchange Commission asked it for information
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The board of Societe Generale met on Wednesday to decide the fate of its chairman after rogue trading losses as fellow French bank BNP Paribas ducked questions on whether it would bid for its wounded rival.
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The Swiss bank won't be the last to announce such a writedown.
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HSBC Holdings Plc&#39;s  U.S.  subprime unit scheduled a management conference call with its  staff on Friday amid concern about layoffs and even a winding  down of operations, two employees at the unit said.
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Swiss bank UBS seeks backing to sell stakes in the firm as it tries to assess the impact of the US sub-prime crisis
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Massive writedowns aren't the only thing banks need to look out for.
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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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Reportedly, UBS (NYSE: UBS) is in advanced discussions with Charles Schwab (NYSE: SCH) over the acquisition of Schwab&#39;s capital markets division, including the recently integrated Soundview Technology Group.
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Business & money: Wall Street's biggest investment banks facing at least $10bn (Â£5.1bn) of fresh write-downs
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London equities fell on Tuesday after news of increased full-year writedowns at Barclays (NYSE:BCS) took the shine off banking stocks. There was further pressure in the sector after surprise news of fresh $2.85bn losses at Credit Suisse (NYSE:CS).