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UBS Group AG (UBS)

  • Fri, Mar. 13, 7:46 AM
    • UBS CEO Sergio Ermotti received about 11.2M Swiss francs in total compensation last year vs. 10.7M in 2013, with the bank saying his pay was based on strong performance, but "tempered" by legal issues.
    • Chairman Axel Weber had his total compensation cut to about 5.9M francs from 6.1M previously - this as his base salary rose 50%, but annual stock awards fell sharply.
    • As for the scorecard, UBS's reported net profit last year of almost 3.5B francs rose from 3.17B the year before, but the bank disclosed today that 2014 profit has been cut by 105M francs thanks to just-settled litigation surrounding the forex business.
    • Source: WSJ
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  • Wed, Mar. 11, 7:07 AM
    • UBS has poached a U.S. team of some 15 oil and gas investment bankers from Bank of Montreal (NYSE:BMO), significantly weakening the energy deal making capacity at Canada’s fourth-largest bank, Reuters reports.
    • Those leaving BMO are part of a specialist group dubbed Acquisitions & Divestitures. The group carries out the complex engineering and technical research needed to value oil and gas deposits far beneath the earth's surface.
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  • Tue, Feb. 24, 1:56 AM
    • U.S. officials are probing at least 10 major banks for the possible rigging of precious-metals markets, even though European regulators shelved a similar investigation after finding no evidence of wrongdoing, WSJ reports.
    • The DOJ is scrutinizing the price-setting process for gold, silver, platinum and palladium in London, while the Commodity Futures Trading Commission has opened a civil investigation.
    • Banks under scrutiny: HSBC, BNS, BCS, CS, DB, GS, JPM, OTCPK:SCGLY, OTCPK:SGBLY, UBS
  • Fri, Feb. 20, 4:48 AM
    • Squeezed by new capital and risk rules and tough markets, Wall Street is taking the ax to its workforce, a report by London research firm Coalition shows.
    • The number of investment bankers, traders, salespeople and research analysts at the world’s largest banks has fallen 20% globally since its recent peak in 2010.
    • While job cuts on the front end have become standard, firms have been increasing their back-office hiring to beef up controls in areas ranging from compliance to risk.
    • Related tickers: BAC, BCS, OTCQX:BNPQY, C, CS, DB, GS, JPM, MS, UBS
  • Wed, Feb. 18, 5:37 AM
    • The Swiss government will lay out tougher capital requirements for UBS (NYSE:UBS) and Credit Suisse (NYSE:CS) by year-end, ensuring the banks are not too big to fail.
    • "Additional measures and adjustments are required to boost the resilience of systemically important banks further," the Swiss government said in a statement.
    • Hundreds of banks, including UBS, were bailed out during the 2007-09 financial crisis.
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  • Tue, Feb. 10, 4:02 AM
    • With stronger earnings at its investment bank and a 493M franc tax gain, UBS (NYSE:OUBS) beat analyst estimates, reporting Q4 net income of 963M francs ($1.04B), up from 917M francs a year earlier.
    • However, the bank said it expected legal and regulatory costs to "remain elevated for the foreseeable future" and that the "increased value of the Swiss franc relative to other currencies and negative interest rates...will put pressure on profitability."
    • UBS also confirmed that U.S. regulators were investigating the bank's potential sales of "bearer securities."
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  • Mon, Feb. 9, 5:30 PM
  • Mon, Feb. 9, 1:48 AM
    • The U.S. Department of Justice is investigating whether Barclays (NYSE:BCS) and UBS (NYSE:OUBS) sold structured products without disclosing the profit they were making from currency trades used to generate the products' returns, FT reports.
    • Five major banks, including UBS, were fined $3.4B in November to settle forex allegations, although the DOJ was not one of the agencies involved in the deal. Barclays also did not take part in the earlier settlement.
  • Thu, Feb. 5, 2:55 AM
    • UBS (NYSE:OUBS) is again being investigated for allegedly helping wealthy clients evade U.S. taxes, six years after the Swiss bank paid a $780M penalty for similar charges.
    • Federal prosecutors are looking into whether UBS used investments largely banned in the U.S., called bearer securities, which can be transferred without needing to register ownership.
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  • Thu, Jan. 15, 12:02 PM
    • UBS (OUBS +1%) failed to properly disclose to all customers the existence of an order type - PrimaryPegPlus - sold almost exclusively to market makers and high-frequency traders, says the SEC.
    • This order allowed subscribers to make trades by placing orders priced in increments of less than a penny that jumped ahead of other orders submitted at whole-penny prices.
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  • Thu, Jan. 15, 8:40 AM
    • "Words fail me," says Swatch (OTCPK:SWGAY) CEO Nick Hayek. "Today's SNB action is a tsunami; for the export industry and for tourism, and finally for the entire country." Swatch is lower by 15.75% in European action.
    • Previously: Swiss shares crater after SNB abandons cap on euro (Jan. 15)
    • A sampling of others: Cement maker Holcim (OTCPK:HCMLY) is down 11.2%, Novartis (NYSE:NVS) is down 9%, Roche (OTCQX:RHHBY) is down 7.9%, Credit Suisse (NYSE:CS) is down 11.7%, and UBS (NYSE:OUBS) is down 10.8%.
    • The good news for ADR players is that's all action in Switzerland. Thanks to the franc's now 13.5% gain, the ADRs trading in the U.S. are likely all to be higher.
  • Mon, Jan. 12, 2:38 AM
    • Nasdaq OMX (NASDAQ:NDAQ) has approached several big banks with a proposal to take over their dark pools, and plans to seek regulatory permission to do so, WSJ reports.
    • Despite coming under increased scrutiny, dark pools have seen a jump in trading volume as brokers seek to avoid high fees on traditional exchanges.
    • Nasdaq CEO Robert Greifeld says the new initiative is in response to the needs of the company’s customers and not a strategic change.
    • Three largest dark pool operators in the U.S.: UBS (NYSE:OUBS), Credit Suisse (NYSE:CS) and Deutsche Bank (NYSE:DB).
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  • Nov. 21, 2014, 8:17 AM
    • UBS Group AG is set to begin trading next week in Zurich and New York - replacing UBS AG - after 90% of shareholders tendered their shares for stock in the new holding company.
    • UBS believes the creation of this holding company is likely to reduce the amount of capital it must hold as Swiss regulators believe it will make the wind-down of subsidiaries easier, thus preventing the chance of systemic effects.
    • In a further move, UBS plans to create a banking subsidiary in Switzerland by mid-2015 which will house retail, corporate, and the Swiss-booked wealth management business. The U.K. unit will be reorganized to make it more self-sufficient, and there will be an intermediate holding company for all U.S. units by mid-2016.
    • Credit Suisse (NYSE:CS) already has a group holding structure, but is planning changes along the lines of some of UBS's moves.
  • Nov. 12, 2014, 2:24 AM
    • Global regulators have fined six major banks, including UBS (NYSE:UBS), HSBC (NYSE:HSBC), Citigroup (NYSE:C), Royal Bank of Scotland (NYSE:RBS), JPMorgan (NYSE:JPM) and BofA (NYSE:BAC), a total of $4.3B over allegations of price fixing and manipulating benchmarks in the $5T-a-day foreign exchange market.
    • The penalties were imposed by Britain's Financial Services Authority, the U.S. Commodity Futures Trading Commission and Swiss regulator FINMA.
    • Barclays (NYSE:BCS) had been expected to be part of the settlement but the FCA said its investigation into the U.K. bank was continuing.
  • Nov. 9, 2014, 11:55 AM
    • UBS will settle allegations of misconduct at its gold trading business this week together with a planned agreement between U.K. and U.S. authorities and seven banks over accusations of forex market rigging.
    • UBS previously disclosed a probe of its precious metals business in addition to its forex investigation.
    • Previously: Banks brace for FX settlements
  • Nov. 5, 2014, 3:49 PM
    • Jonathan Lewis is currently co-CFO at Nomura, but he's coming over to UBS to replace the departing Bob Stefanowski as CFO of the investment bank. He'll join the Swiss lender in February, according to a memo from investment bank chief Andrea Orcel.
    • Prior to his 6 1/2-year stint at Nomura, Lewis was with Bear Stearns. He's joining the UBS investment bank at a time when UBS has placed strict limits on its balance sheet and risk-taking, and instead focuses its growth strategy on wealth management.
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Company Description
UBS Group AG operates as a financial services provider and a bank in Switzerland. It provides wealth management, investment banking, and asset management services.