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LATEST ARTICLES
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Abigail with attitude: As a rogue trader undoes UBS, why are we paying regulators and risk managers?The Abigail with attitude column calls for the dismissal of anyone involved with the regulation of UBS’s investment bank.
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Euromoney exclusively reveals that UBS’s operational risk management unit uses a database of case studies of major loss events, including other rogue trader scandals in history.
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New disclosures on UBS’s $2.3 billion loss adds to doubts about the quality of Swiss bank’s risk management controls and practices
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With UBS ETF trader Kweku Adoboli being arrested for potentially losing the Swiss bank $2 billion in unauthorized trades, the potential systemic risk associated with ETFs has again been placed in the spotlight
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Swiss firm’s reputation for risk management in tatters again after discovering losses from unauthorized trading in UBS’s London office
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The strong first-quarter results at UBS might have come just in time to prevent the implosion of its bid to regain a spot at the top table of investment banking.
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“A UBS insider points out that the landscape in the securities division is flatter: ‘A layer has been removed.’ But I still think Carsten Kengeter has too many lieutenants”
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Departures follow senior investment bank changes; Former Barclays team now in control
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Athanasopoulos adds to responsibilities as two FX stalwarts set to leave firm
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Many investors in structured credit deals are anxiously awaiting the outcome of SEC investigations into a number of CDO transactions, hoping that they will be able to bring lawsuits of their own if the banks are forced to settle. But the statute of limitations means that they might have already left it too late.
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Swiss bank announces key hires; Next step in recovery from Pactual sale
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Funding costs are rising and the markets periodically shut down. But regulators want you to raise more and to hold more short-term liquidity that you can’t reinvest at a profit. You don’t know how regulators will classify your risk assets or how much capital they will require you to hold. But it will be more than you have. Raising it will cost more than you can earn as a return on it. Fancy a challenge? Become a CFO. Peter Lee reports.
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Bank rebuilds in Latin nation; Hopes to gain investment banking licence soon
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Welcome signs of continuing profit growth; fixed-income rebuilding fast.
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In rushing out the early announcement of a first quarter pre-tax profit of SFr2.5 billion, UBS chief executive Oswald Grübel clearly hopes to persuade anxious shareholders gathering for April 14th’s annual meeting that his turnaround of the bank is well underway.
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Growing pace of outflows shows Swiss bank has a long way to go to complete turnaround story
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When UBS presented its medium-term plans last November, investors and analysts were taken aback by the revelation that Swiss regulators, already at the forefront of calls to impose new leverage limits on the global banking industry, were insisting on extraordinarily high tier 1 equity ratios for big Swiss banks of up to 16% by 2013, with half of this to be in the form of pure equity and retained earnings. As well as all the work he has to do overhauling UBS’s risk management and reorienting its businesses to thrive much more efficiently on low capital consumption, low leverage and low proprietary risk-taking, Grübel has found himself spending a large amount of time in meetings with other senior bankers and regulators debating how to write new rules for the game.
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It seems an odd time to devote resources to building an investment banking franchise.
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Legendary troubleshooter Oswald Grübel has had a tough first year at UBS, trying to mend the bank’s tattered reputation and staunch the outpouring of client money. But his biggest challenge may be convincing the markets that his methods are working.
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Business could win from others’ vulnerability; Reputational damage will be tough to repair
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The UK’s Financial Services Authority has fined UBS £8 million for a series of breaches that occurred between January 1 2006 and December 31 2007 in its international wealth management business. By accepting the fine at an early stage, UBS has secured a whopping 20% discount.
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The Swiss bank needs to make a real commitment to the key Latin market, or give up the ghost.
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The first Swiss issuer of jumbos; Broader investor base sought
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Wilmot-Sitwell and Kengeter take charge; Misra hire counters key staff departures
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UBS has made a big hire to rebuild its battered fixed income franchise. This well-known banker has built businesses before and is the first sign that the firm has made of its commitment to the sector.
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The sale of Pactual could be the first of many disposals of emerging markets assets by banks desperate to raise capital.
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New UBS chairman and chief executive show the pressure the country’s banking system is under.