UBS news stories on Newser

Switzerland's Oldest Bank Indicted Over US Tax Cheats

Rob Quinn — Fri, 03 Feb 2012 03:54:00 CST

A Swiss bank older than the US has been indicted by the Justice Department for helping Americans dodge taxes. Wegelin, a 270-year-old private bank, helped some 100 wealthy Americans hide more than $1.2 billion from the IRS, according to the indictment. Clients who decided to co-operate with the investigation...

UBS Chief Resigns After Trader's $2.3B Loss

Sat, 24 Sep 2011 09:17:58 CDT

UBS chief executive Oswald Gruebel has resigned over a $2.3 billion rogue trading loss . The bank said Gruebel's decision was an attempt to allow UBS to start afresh following the latest major scandal to hit Switzerland's biggest bank. Bank President Kaspar Villiger said the board tried to convince Gruebel...

UBS Jacks Rogue Loss to $2.3B

Polly Davis Doig — Sun, 18 Sep 2011 10:21:00 CDT

UBS has revised the $2 billion loss it suffered at the hands of a rogue trader this week, and not in a good way: The actual damage was $2.3 billion, reports the BBC . The grim news comes amid increased scrutiny of the banking giant, after reports that its internal...

Rogue UBS Trader Turned Himself In

Kevin Spak — Fri, 16 Sep 2011 08:11:13 CDT

So who was the crack financial sleuth who caught rogue UBS trader Kweku Adoboli? Um, that’d be Kweku Adoboli. UBS’ internal systems didn’t blink at Adoboli’s $2 billion screw-up ; it only came to light because he brought it to his bosses’ attention, the BBC reports. The revelation is likely to...

Rogue UBS Trader Loses $2B

Rob Quinn — Thu, 15 Sep 2011 07:30:00 CDT

A rogue trader at UBS has lost around $2 billion, the Swiss banking giant says. The unauthorized trades by a trader in its investment banking unit "could lead UBS to report a loss for the third quarter of 2011," but "no client positions were affected," the bank said in a...

Feds Sue Big Banks Over Mortgages

Mark Russell — Fri, 02 Sep 2011 16:18:31 CDT

The Federal Housing Finance Agency—the agency behind Fannie Mae and Freddy Mac—has filed suit against more than a dozen big banks for their role in the mortgage meltdown mess. The feds, seeking billions in compensation, accuse the banks of misrepresenting the quality of mortgage securities, reports the New...

Banks to Pay SEC for Financial Crisis Fraud

Kevin Spak — Fri, 15 Apr 2011 07:06:22 CDT

A number of top Wall Street banks are on the verge of settling fraud allegations with the SEC for the mortgage-bond shenanigans that led to the financial crisis, sources tell the Wall Street Journal . The cases are being handled individually, since each bank faces substantially different charges, with the first...

UBS to Workers: OK, Wear Whatever Skivvies You Want

Nick McMaster — Mon, 17 Jan 2011 18:31:35 CST

UBS is pulling back from its much-maligned and hilariously over-specific dress code —which recommended employees opt for "personality enhancing" makeup and "easily washable" underwear—the Wall Street Journal reports. The bank strips the previous 44-page style guide down to a few key elements, but now mandates that employees' wardrobes match...

UBS's Bizarre Dress Code: Easily Washable Underwear

Evann Gastaldo — Wed, 15 Dec 2010 09:48:41 CST

Swiss bank UBS AG really, really cares how its retail banking staff looks. Details from its new 43-page dress code, part of a campaign meant to re-establish confidence in the brand, via the Wall Street Journal : Colors : Dark gray, black, and navy blue “symbolize competence, formalism, and sobriety.” Makeup : “Light...