UBS

The world’s biggest banks are overhauling how they trade currencies to regain the trust of customers and preempt regulators’ efforts to force changes on an industry tarnished by allegations of manipulation. Barclays Plc, Deutsche Bank AG, Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc and UBS AG, which together account for 43 percent of foreign-exchange trading by banks, are introducing measures to make it harder for dealers to profit from confidential customer information and take advantage of clients in the largely unregulated $5.3 trillion-a-day currency market, according to people with knowledge of the changes. Banks have capped what employees can charge for exchanging currencies, limited dealers’ access to information about customer orders, banned the use of online chat rooms and pushed trades onto electronic platforms, according to the people, who asked not to be identified because they weren’t authorized to discuss their firms’ practices. [Bloomberg]

Beggars can’t be choosers, etc, but honestly, they really put a damper on earnings day! Read more »

  • 24 Jul 2014 at 11:49 AM
  • Banks

France Stakes Claim Its Share Of UBS’s Legal Reserve

Last seen whining (albeit not entirely without justification) about how unfairly the U.S. was treating its banks, France has decided it might not mind piling on a foreign bank itself. Read more »

  • 13 Jun 2014 at 1:00 PM

Settlement Watch ’14: UBS

The Swiss may be parting with $8 billion in the near term, approximately $6.5 billion more than it was aiming for. Read more »

  • 04 Jun 2014 at 10:37 AM

Kweku Adoboli Still Not Feeling That Guilty Verdict

Kweku Adoboli, the former UBS trader who caused a $2.3 billion loss through unauthorized trading, is trying again to get permission to overturn his conviction and seven-year sentence. Lawyers for Adoboli are scheduled to ask an appeals court in London today to grant him the chance to argue that the conviction should be thrown out. His initial claim was already rejected by a judge in July 2013, without a hearing taking place. Adoboli was convicted in November 2012 of two counts of fraud for causing the loss at the bank’s London unit. He argued at trial that managers at Zurich-based UBS pushed him to take too many risks and that rule-breaking at the bank was rampant. While he admitted causing the loss, he said it wasn’t done dishonestly. [Bloomberg]

And he’s worked in a lot of offices, so. Read more »

  • 24 Apr 2014 at 2:25 PM

Layoffs Watch ’14: UBS

The Swiss are said to have called some people into conference rooms where HR was waiting, which is never a good sign. Read more »