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  • Thu, Dec. 8, 6:44 AM
    • Eight months after Deutsche Bank (NYSE:DB) settled a lawsuit claiming it manipulated prices of precious metals, plaintiffs say documents it disclosed as part of the accord provide "smoking gun” proof that UBS, HSBC, Bank of Nova Scotia (NYSE:BNS) and other firms rigged the silver market.
    • Separately, an audit commissioned by German regulators suggest that Deutsche Bank employees may have manipulated internal indexes as part of a scheme to help Monte dei Paschi conceal losses.
    | Thu, Dec. 8, 6:44 AM | 18 Comments
  • Tue, Nov. 15, 11:47 AM
    • Wells Fargo (NYSE:WFC) is set to announce as soon as today a partnership with robo-advisor SigFig, reports Reuters.
    • The bank, according to the report, is likely to roll out a pilot version of the service to clients in 2017's first half.
    • Unlike partial SigFig owner UBS, which is putting the service in the hands of its financial advisors to help put together portfolios, Wells will offer the platform directly to its customers.
    | Tue, Nov. 15, 11:47 AM | 6 Comments
  • Fri, Nov. 11, 8:26 AM
    • "Some Democrat appointments at the DOJ have only a few weeks left before they are replaced," says Barclays, laying out a bullish case for European lenders who are likely to face smaller mortgage-related settlements.
    • Chief among them is Deutsche Bank (NYSE:DB), which has been staggered by reports that Obama's DOJ wants $14B to walk away.
    • Also in talks with Justice are Credit Suisse (NYSE:CS) and RBS. Under investigation, but not necessarily in settlement discussions yet are Barclays (NYSE:BCS), UBS, and HSBC.
    | Fri, Nov. 11, 8:26 AM | 15 Comments
  • Thu, Nov. 10, 9:17 AM
    | Thu, Nov. 10, 9:17 AM
  • Wed, Nov. 9, 4:19 AM
    • Donald Trump's victory throws into question the core assumption the Fed will raise interest rates soon and follow with further gradual hikes over coming years.
    • Banks are struggling on the news. Fed Funds futures are now pricing in less than a 50% chance of a December move and the ECB is likely to interpret the uncertainty with stimulus and lower rates for longer.
    • Premarket movement: GS -8.3%, WFC -3.5%, C -3.2%, BAC -2.4%, CS -2.3% JPM -2.2%, LYG -1.8%, HSBC -1.7%, USB -1.4%, BCS -1.5%, ING -0.6%, MS, DB, RBS, UBS
    • #Election2016
    | Wed, Nov. 9, 4:19 AM | 128 Comments
  • Fri, Nov. 4, 2:24 AM
    • A sign of the times? The bulk of UBS's employees will no longer have a fixed desk at its new building in London as the bank reinvents the workspace where the cost of real estate is at a premium.
    • Employees can now log onto their virtual desktops on computers at any desk in the building and their phone numbers follow them from desk to desk or to their mobile devices.
    | Fri, Nov. 4, 2:24 AM
  • Fri, Oct. 28, 10:39 AM
    • Bearish on the stock, even JPMorgan says management did an excellent job on revenue and costs in Q3, and calls pretax earnings of CHF1.7B a clean beat. The bank raised fees to deal with slowing transaction volumes, says the team, which sees the stock doing well in the short-term after a period of relative underperformance.
    • A bull prior to the report, Citigroup says UBS (UBS +3.5%) notched an earnings beat even with a larger-than-expected litigation charge, and says the strong quarter was spread across all divisions. One note of caution comes from slightly weak capital ratios, with the CET1 down 20 bps for the quarter to 14.0%.
    • Like JPMorgan, a bear on the stock, KBW is worried that capital generation is low vs. the dividend and vs. the bank's hopes to grow its balance sheet.
    • UBS Earnings Center
    | Fri, Oct. 28, 10:39 AM | 2 Comments
  • Fri, Oct. 28, 4:31 AM
    • Novo Nordisk (NYSE:NVO) -15% premarket after cutting its profit forecast for 2016 amid difficulties in the U.S.
    • Sanofi (NYSE:SNY) shares are up 7.4% before the bell, lifting its profit outlook for the year and detailing news of a big buyback.
    • Risk aversion and negative rates continued to weigh on trading at UBS, but the bank recorded a Q3 beat.
    • RBS swung to a third-quarter loss on legacy misconduct and restructuring charges.
    • Total (NYSE:TOT) topped expectations thanks to cost cuts and an increase in output.
    • AB Inbev (NYSE:BUD) -3% premarket due to sorrows in Brazil, cutting its guidance due to weakness in that market.
    | Fri, Oct. 28, 4:31 AM | 24 Comments
  • Fri, Oct. 28, 3:45 AM
    • UBS (NYSE:UBS): Q3 EPS of CHF0.22
    • Net interest income of CHF1.78B (-3.8% Y/Y)
    • Press Release
    | Fri, Oct. 28, 3:45 AM
  • Thu, Oct. 6, 8:21 AM
    • The European banks have gone "from value trap to value trade," says the team at Citigroup, noting the group is the worst-performing region/sector out of 285 tracked over the last 10 years.
    • Fundamentals still aren't great, they acknowledge, but bank valuations on both a relative and absolute basis make them a buy.
    • ETF: EUFN
    • Individual names: DB, SAN, CS, UBS, ING, BBVA
    | Thu, Oct. 6, 8:21 AM | 10 Comments
  • Wed, Oct. 5, 9:56 AM
    • It's been an ugly year for UBS, but not nearly as bad as that for fellow Swiss giant Credit Suisse, nor Germany's Deutsche Bank.
    • YTD: UBS -27.7%, CS -37.8%, DB -44.1%.
    • Year-over-year: UBS -28.6%, CS -46.4%, DB -52.2%.
    • Royal Bank of Canada today upgrades UBS to Sector Perform from Underperform.
    | Wed, Oct. 5, 9:56 AM
  • Wed, Sep. 7, 3:52 AM
    • UBS may escape liability for at least a portion of an estimated $2.1B of losses stemming from residential mortgage-backed securities it sold in 2006 and 2007 before the U.S. housing market collapsed.
    • In a 239-page decision, U.S. District Judge Kevin Castel said U.S. Bancorp, as trustee for three trusts issuing the securities, did not show that UBS was willfully blind toward deficiencies in many of the loans.
    | Wed, Sep. 7, 3:52 AM | 1 Comment
  • Fri, Aug. 26, 5:35 PM
    • Top gainers, as of 5.25 p.m.: TEF +18.6%. SBGL +7.4%. CRY +6.0%. MT +5.9%. ING +4.4%.
    • Top losers, as of 5.25p.m.: CZR -9.8%. FSC -2.2%. ANF -2.2%. UBS -2.2%. EGLE -2.1%.
    | Fri, Aug. 26, 5:35 PM
  • Wed, Aug. 24, 10:45 AM
    • In the kind of development akin to the widespread use of computers, UBS, Deutsche Bank (NYSE:DB), Santander (NYSE:SAN), and Bank of New York Mellon (NYSE:BK) are teaming to develop a new form of digital cash to clear and settle financial trades using blockchain technology, according to the FT.
    • While computers are great at first glance - Internet banking and ATM use should boost margins - electronic transactions still require thousands in back offices worldwide to check and process ... This is where blockchain comes in.
    • The algorithm systems allows the number of those involved in verification to be significantly reduced. The finance industry spends $80B per year just on settling trades; throw in other electronic transactions, and that figure grows way larger. With digital ledgers, costs could drop to a fraction of that.
    | Wed, Aug. 24, 10:45 AM | 11 Comments
  • Wed, Aug. 24, 4:36 AM
    • UBS (NYSE:UBS), Deutsche Bank (NYSE:DB), Santander (NYSE:SAN), BNY Mellon (NYSE:BK) and broker ICAP (OTCPK:IAPLF) have teamed up to create a digital currency called the "utility settlement coin.
    • The firms hope that the currency will become an industry standard used to clear and settle financial trades over blockchain, the technology that bitcoin is based on.
    • The banks and ICAP are pitching the idea to central banks and hope to launch the utility settlement coin in early 2018.
    • The project is competing with similar initiatives from the likes of Citibank, Goldman Sachs and JPMorgan, which are developing separate digital currencies.
    • "Today trading between banks and institutions is difficult, time-consuming and costly, which is why we all have big back offices," says Julio Faura, head of R&D and innovation at Santander. "This is about streamlining it and making it more efficient.
    | Wed, Aug. 24, 4:36 AM | 16 Comments
  • Mon, Aug. 1, 8:55 AM
    • UBS (NYSE:UBS) rogue trader Kweku Adoboli told the BBC in an interview over the weekend that he thinks another trading scandal at the bank could occur due to the ongoing pressure on traders.
    • Adoboli famously cost UBS $1.9B by booking false profits as he continually doubled down on money-losing trades.
    | Mon, Aug. 1, 8:55 AM