UBS AG http://www.globalpost.com/taxonomy/term/28387/all en UPDATE 3-U.S. to seek UBS records in search for Wegelin tax dodgers http://www.globalpost.com/dispatch/news/thomson-reuters/130129/update-3-us-seek-ubs-records-search-wegelin-tax-dodgers <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Federal judge authorises IRS to seek records from UBS</p> <p>* IRS can serve John Doe summons on UBS over Wegelin clients</p> <p>* Part of broader probe into Swiss bank secrecy</p> <p>* Wegelin pleaded guilty on Jan. 3</p> <p>By Joseph Ax</p> <p>NEW YORK, Jan 29 (Reuters) - A federal judge has authorized the Internal Revenue Service (IRS) to seek records from UBS AG of U.S. taxpayers suspected of hiding their income in accounts with Swiss bank Wegelin.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130129/update-3-us-seek-ubs-records-search-wegelin-tax-dodgers" target="_blank">read more</a></p> Investment Privacy Tax evasion UBS AG Thomson Reuters Tue, 29 Jan 2013 09:31:20 +0000 Thomson Reuters 5740924 at http://www.globalpost.com British watchdog fines UBS £9.45 mn for mis-selling fund http://www.globalpost.com/dispatch/news/afp/130212/british-watchdog-fines-ubs-945-mn-mis-selling-fund <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Britain's financial watchdog on Tuesday handed Swiss banking giant UBS a £9.45-million ($14.7-million, 11.0-million-euro) fine for mis-selling an AIG investment fund.</p> <p>"The Financial Services Authority (FSA) has fined UBS AG for failures in the sale of the AIG enhanced variable rate fund," it said in a statement.</p> <p>"These failures led to UBS customers being exposed to an unacceptable risk of an unsuitable sale of the fund. UBS also failed to deal properly with complaints from customers about sales of the fund."</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130212/british-watchdog-fines-ubs-945-mn-mis-selling-fund" target="_blank">read more</a></p> Economics Financial services Investment UBS AG AFP Tue, 12 Feb 2013 15:45:51 +0000 Agence France-Presse 5753627 at http://www.globalpost.com Biggest Swiss bank, UBS, reports $1 billion 4th-quarter profit, helped by investment bank http://www.globalpost.com/dispatch/news/the-canadian-press/140204/biggest-swiss-bank-ubs-reports-1-billion-4th-quarter-profi-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>BERLIN - Switzerland's biggest bank, UBS AG, said Tuesday it earned 917 million francs ($1 billion) in the fourth quarter following a large loss a year earlier — helped by a strong performance from its investment bank unit and a tax gain.</p> <p>UBS lost 1.9 billion francs in the final quarter of 2012, when its earnings were dragged down by litigation and restructuring charges.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.globalpost.com/terms-use#cp">Copyright 2014 Canadian Press.</a></p> <p>All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.</p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/140204/biggest-swiss-bank-ubs-reports-1-billion-4th-quarter-profi-0" target="_blank">read more</a></p> Financial economics Investment Investment banks UBS AG The Canadian Press Tue, 04 Feb 2014 08:16:14 +0000 The Canadian Press 6060865 at http://www.globalpost.com UBS bank reports huge switch back into profit http://www.globalpost.com/dispatch/news/afp/140204/ubs-bank-reports-huge-switch-back-profit-1 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Swiss banking giant UBS on Tuesday reported a huge swing back into profit for 2013, reaping the rewards of a radical overhaul launched under pressure the previous year.</p> <p>UBS said that its net profit of 3.2 billion Swiss francs (2.6 billion euros, $3.6 billion) for 2013 was a vindication of its ongoing shakeup, after a 2.4 billion franc loss the previous year fuelled by regulatory fines.</p> <p>Chief executive Sergio Ermotti said 2013 had been a "transformational" year for UBS.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2014.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/140204/ubs-bank-reports-huge-switch-back-profit-1" target="_blank">read more</a></p> Business Financial economics Investment UBS UBS AG UBS investment bank AFP Tue, 04 Feb 2014 16:17:34 +0000 Agence France-Presse 6061292 at http://www.globalpost.com UBS suspends U.S.-based forex trader in manipulation probe http://www.globalpost.com/dispatch/news/thomson-reuters/140328/ubs-suspends-us-based-forex-trader-manipulation-probe <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Emily Flitter and Jamie McGeever</p> <p>NEW YORK/LONDON (Reuters) - UBS AG &lt;UBSN.VX&gt; has suspended a spot trader on its New York foreign exchange desk, a source familiar with the investigation said on Friday amid an ongoing international probe of big forex dealers for potential collusion and market manipulation.</p> <p>Michael Velardi, 52, who has worked for the bank for nearly 20 years, was suspended this week, the source said. When reached by phone, Velardi declined to comment.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2014.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/140328/ubs-suspends-us-based-forex-trader-manipulation-probe" target="_blank">read more</a></p> Investment UBS AG Thomson Reuters Fri, 28 Mar 2014 15:51:04 +0000 Thomson Reuters 6107748 at http://www.globalpost.com UBS unit must pay $5.4 million to ex-broker who sold Lehman notes: panel http://www.globalpost.com/dispatch/news/thomson-reuters/140407/ubs-unit-must-pay-54-million-ex-broker-who-sold-lehman-notes-pa <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Suzanne Barlyn</p> <p>(Reuters) - A unit of UBS AG must pay $5.4 million to a former broker who said the firm misled its advisers about the financial health of Lehman Brothers Holdings Inc while recommending they sell its structured notes to clients, a securities arbitration panel ruled.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2014.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/140407/ubs-unit-must-pay-54-million-ex-broker-who-sold-lehman-notes-pa" target="_blank">read more</a></p> Financial services Investment Primary dealers UBS AG Thomson Reuters Mon, 07 Apr 2014 18:49:21 +0000 Thomson Reuters 6115604 at http://www.globalpost.com UBS defeats shareholders' U.S. appeal over mortgage losses, tax probe http://www.globalpost.com/dispatch/news/thomson-reuters/140506/ubs-defeats-shareholders-us-appeal-over-mortgage-losses-tax-pro <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Jonathan Stempel</p> <p>NEW YORK (Reuters) - A federal appeals court in New York rejected appeals by UBS AG shareholders seeking to hold the Swiss bank liable for their losses for having concealed its exposure to risky mortgage-backed securities and helping clients evade U.S. taxes.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2014.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/140506/ubs-defeats-shareholders-us-appeal-over-mortgage-losses-tax-pro" target="_blank">read more</a></p> Business Financial economics Hospitality Investment Labor Law Politics Tax evasion UBS AG Thomson Reuters Tue, 06 May 2014 20:20:10 +0000 Thomson Reuters 6140257 at http://www.globalpost.com UBS sets new cost target in U.S. wealth business http://www.globalpost.com/dispatch/news/thomson-reuters/140506/ubs-sets-new-cost-target-us-wealth-business <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Jed Horowitz</p> <p>NEW YORK (Reuters) - UBS AG has set tighter expense control targets for its Americas wealth management business, Switzerland's biggest bank said Tuesday as it reported a 7 percent rise in first-quarter net profit prompted by lower taxes and cost-cutting.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2014.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/140506/ubs-sets-new-cost-target-us-wealth-business" target="_blank">read more</a></p> Business Financial economics Financial services Investment Labor Law UBS AG Thomson Reuters Tue, 06 May 2014 20:47:35 +0000 Thomson Reuters 6140314 at http://www.globalpost.com Belgium charges UBS executive for tax fraud, laundering http://www.globalpost.com/dispatch/news/afp/140619/belgium-charges-ubs-executive-tax-fraud-laundering <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>A top executive at Swiss bank UBS was charged Thursday in Belgium for tax fraud and money laundering, the Belgian state prosecutor's office said in a statement.</p> <p>Marcel Bruehwiler, who heads the Belgium subsidiary of Switzerland's biggest bank, was charged for "criminal organisation, laundering, illegal exercise of the profession of a financial intermediary in Belgium and serious organised tax fraud," said the state prosecutor's office in a statement.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2014.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/140619/belgium-charges-ubs-executive-tax-fraud-laundering" target="_blank">read more</a></p> Investment Privacy Tax evasion UBS AG AFP Fri, 20 Jun 2014 03:21:32 +0000 Agence France-Presse 6182014 at http://www.globalpost.com UBS pays out in German tax case as lawsuits target private bank http://www.globalpost.com/dispatch/news/thomson-reuters/140729/ubs-says-books-254-million-euros-against-second-quarter-settle- <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Katharina Bart</p> <p>ZURICH (Reuters) - UBS AG booked a near $300 million charge in the second quarter mainly to settle claims it helped wealthy Germans to dodge taxes, the latest in a string of lawsuits that have targeted its private banking business.</p> <p>The Zurich-based lender's offices in Germany were searched last year as part of a probe sparked by a CD with details of UBS clients that was purchased by the German state of North Rhine-Westphalia (NRW).</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2014.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/140729/ubs-says-books-254-million-euros-against-second-quarter-settle-" target="_blank">read more</a></p> Business Financial economics Investment Investment banks UBS AG Thomson Reuters Tue, 29 Jul 2014 09:08:58 +0000 Thomson Reuters 6217713 at http://www.globalpost.com UBS bank reports profit boost clouded by tax, legal risks http://www.globalpost.com/dispatch/news/afp/140729/ubs-bank-reports-profit-boost-clouded-tax-legal-risks <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Leading Swiss bank UBS turned in a strong profit performance in the second quarter, but highlighted on Tuesday the stark risks financial institutions face from campaigns by tax and regulatory bodies.</p> <p>UBS, reporting a 15-percent net profit rise, revealed that in July it had settled a tax dispute in the German state of North Rhine-Westphalia with a payment of slightly more than 300 million euros ($403 million).</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2014.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/140729/ubs-bank-reports-profit-boost-clouded-tax-legal-risks" target="_blank">read more</a></p> Economics Investment Privacy UBS AG AFP Tue, 29 Jul 2014 15:45:39 +0000 Agence France-Presse 6218118 at http://www.globalpost.com