It is now possible that UBS will record a net loss for 2007
Soft landing in U.S. and global economies expected in 2008
UBS AG is shaking up the management of its international wealth management businesses.The firm announced that the existing international wealth management business will be divided into four regional business areas: Asia Pacific, under the leadership of Kathryn Shih; Western Europe, Mediterranean, Middle East & Africa, led by Francesco Morra; North, East & Central Europe, under […]
Substantial losses and writedowns in trading positions were related to the U.S. subprime fiasco this past summer
Swiss banking giant UBS AG confirms that its third quarter pre-tax loss will be in the range of 600 million to 800 million Swiss francs (US$515.9 million to US$687.9 million), as it announced earlier this month.The move comes after Merrill Lynch reported a much bigger hit from the credit crunch than it had previously announced. […]
Commerzbank sells CCR unit
Swiss banking giant UBS AG today announced a likely third-quarter loss, and a management shakeup, as it was hit by sub-prime woes. UBS said that following a write down of positions in fixed income, rates and currencies, it is likely to record a pre-tax loss of between 600 million and 800 million Swiss francs. It […]
Firm cites ongoing market volatility in third quarter
Bank expects lower profits in second half of 2007
UBS will reimburse customers US$21.3 million and pay a US$2 million penalty for inappropriately steering customers into fee-based accounts