The Local Switzerland

UBS takes double-hit from regulators

Mon, 26 Nov 2012 14:22:00 +0100

Swiss banking giant UBS was hit twice over on Monday for allowing a rogue trader to commit massive fraud, with British regulators imposing a nearly $50-million fine and Switzerland banning its investment bank from staging takeovers.

Britain fines UBS for 'defective' controls

Mon, 26 Nov 2012 10:10:00 +0100

Britain's financial regulator has fined Swiss bank UBS £29.7 million ($47.6 million) for failings that allowed trader Kweku Adoboli to commit the country's biggest fraud.

UBS trader jailed seven years in UK's top fraud

Tue, 20 Nov 2012 18:11:00 +0100

UBS trader Kweku Adoboli, who gambled away $2.3 billion of the Swiss bank's money, was sentenced to seven years in prison on Tuesday for Britain's biggest ever fraud.

Teary UBS 'rogue trader' gives evidence

Fri, 26 Oct 2012 19:04:00 +0200

Kweku Adoboli, the UBS trader accused of losing $2.3 billion, broke down in tears on Friday as he took to the witness stand for the first time at his trial in London.

Trader's boss ignored warning signs: defence

Fri, 21 Sep 2012 11:21:00 +0200

The former boss of a UBS trader accused of losing the Swiss bank $2.3 billion in "rogue trades" turned a blind eye to his excessive deals due to the profits they reaped, a London court heard Thursday.

Boss of 'rogue trader' tells court of disbelief

Thu, 20 Sep 2012 11:28:00 +0200

The former boss of a UBS trader accused of losing the Swiss bank $2.3 billion in "rogue trades" told a London court on Wednesday of his disbelief at seeing a confessional email.

UBS accountant recalls rogue trade panic

Wed, 19 Sep 2012 17:25:05 +0200

The accountant who uncovered alleged "rogue trades" by UBS trader Kweku Adoboli told a London court on Wednesday of the panic which swept through the Swiss bank as the defendant's story unravelled.

UBS trader hid deals in complex web, jury hears

Wed, 19 Sep 2012 11:09:00 +0200

A trader at leading Swiss bank UBS accused of "gambling away" $2.3 billion hid his "rogue trades" behind a smokescreen of confusion, a jury in London heard on Tuesday.

UBS trader 'gambled away' $2.3 billion

Fri, 14 Sep 2012 16:44:00 +0200

A trader "gambled away" $2.3 of leading Swiss bank UBS's money, causing "chaos and disaster", his trial in London heard on Friday.

UBS 'rogue trader' on trial in London

Mon, 10 Sep 2012 10:50:00 +0200

A trader accused of losing $2.3 billion at the Swiss bank UBS in what is alleged to be Britain's biggest banking fraud appeared in court on Monday for the start of his trial.

Investment arm pushes down UBS profits

Tue, 07 Feb 2012 10:54:00 +0100

Swiss banking giant UBS on Tuesday posted a net profit of 4.2 billion francs ($4.57 billion) for 2011, down 44 percent on the previous year, and forecast a tough first quarter due to the
economic crisis.

UBS trader pleads not guilty to 'rogue trading'

Mon, 30 Jan 2012 13:00:00 +0100

A trader at Swiss bank UBS pleaded not guilty on Monday to losing $2.25 billion in fraudulent trades in London, clearing the way for a trial later this year.

UBS 'rogue trader' due to enter plea

Mon, 30 Jan 2012 09:56:00 +0100

A trader accused of a $2.25 billion fraud at Swiss bank UBS is due to enter his plea in a London court on Monday.

UBS 'rogue trader' remanded in custody

Wed, 21 Dec 2011 09:59:00 +0100

A trader accused of a $2.25 billion fraud at Swiss bank UBS was remanded in custody by a London court on Tuesday as his case was adjourned until January 30th, when he must enter a plea.

UBS set to lose billions amid tax deals

Mon, 21 Nov 2011 10:40:00 +0100

The boss of Swiss banking giant UBS said on Sunday that clients could withdraw up to 30 billion francs in assets due to deals between Bern and EU states to regularise untaxed funds hidden in Swiss banks.

UBS shrinks investment bank, halves risky assets

Fri, 18 Nov 2011 11:58:00 +0100

Swiss banking giant UBS said on Thursday it was to dramatically cut back its investment bank arm, reducing its risky assets by half, or 145 billion francs ($159 billion).

UBS to unveil new investment bank strategy

Thu, 17 Nov 2011 10:11:00 +0100

Switzerland's biggest bank UBS will on Thursday announce a long-awaited shake-up of its investment bank division at an investors' day event taking place in New York.

Ermotti takes the reins at scandal-hit UBS

Tue, 15 Nov 2011 12:06:00 +0100

Swiss banking giant UBS looked to draw a line under a troubled period on Tuesday with the appointment of a new chief executive and plans for a new path to be announced on Thursday.

UBS rallies after rogue trade losses

Tue, 25 Oct 2011 11:20:00 +0200

Swiss banking giant UBS said Tuesday that its third-quarter net profit reached 1.018 billion francs ($1.16 billion) even though it had to take a 1.849 billion franc charge due to a rogue trading scandal.

Fitch downgrades UBS

Fri, 14 Oct 2011 16:46:00 +0200

Fitch ratings agency downgraded Swiss bank UBS on Thursday while putting 12 other major European and US banks on negative ratings watches, amid worries over fragile global growth.