• News

    UBS to SEC: Let’s Make A Deal. Maybe.

    UBS would like to make a mortgage-backed securities case—apparently linked to every other mortgage-backed securities […]

    / Mar 26, 2013 at 10:22 AM
  • Logo of Swiss bank UBS is seen at their offices in New York

  • UBS (1)


    Cunning 17-Year-Old Prostitute Tricked Me Into Sleeping With Her, UBS Executive Says

    That girl took advantage of him, says lawyer.

    / Mar 19, 2013 at 2:16 PM
  • andreaorcel


    Bonus Watch ’13: UBS

    Not everyone received a package that resulted in a nice long cry. Andrea Orcel, for example, did pretty okay for himself.

    / Mar 14, 2013 at 2:50 PM
  • ubsdarkness


    Bonus Watch ’13: UBS

    From the front lines:

    / Mar 11, 2013 at 2:09 PM
  • Image: UBS posts 1.7 billion dollar Q3 profit despite investment red ink


    Bonus Watch ’13: UBS Hedge Fund Employees None Too Happy To Be Treated Like UBS Employees

    The Swiss are scheduled to communicate bonus numbers today. In the meantime, those working in UBS’s O’Connor fund are preemptively pissed re: the news their compensation will be structured as though they were regular old employees of the bank. What are they doing about it?

    / Mar 6, 2013 at 12:45 PM
  • ubsairship-260x156


    Layoffs Watch ’13: UBS West

    The Swiss are said to be packing it in on the West Coast.

    / Feb 26, 2013 at 4:22 PM
  • UBS-260x165


    Bonus/Layoffs Watch ’13: UBS

    Both are expected to go down shortly.

    / Feb 25, 2013 at 2:41 PM
  • ubs


    Bonus Watch ’13: UBS

    …employees will get their bonus numbers when management feels like giving them their bonus numbers!

    / Feb 21, 2013 at 12:56 PM
  • ubsairship


    UBS Needs Help Selecting Items For Its Time Capsule

    Separately, the bank also needs to hire a bunch of interns for this summer’s “Emerging Talent Program.” Enter: two birds, one stone:

    / Feb 13, 2013 at 2:27 PM
  • carsten_kengeter


    UBS Will No Longer Slash Expenses “Like A Jewish Shopkeeper”***

    Carsten Kengeter, who finds inspiration in interesting places, has been replaced by Bear Stearns alum Sam Molinaro.

    / Feb 12, 2013 at 3:15 PM
  • colluding


    UBS Libor Manipulator Should Have Had His Lawyer Girlfriend Screen His IMs Too

    You can question some of the life choices that Tom Hayes, a/k/a Trader A, UBS’s […]

    / Feb 8, 2013 at 1:36 PM
  • Just reading some stuff in an empty cafeteria, what's up with you?

    Banks, News

    Credit Suisse And UBS Put Little Pieces Of Themselves In Their Compensation Plans

    Swiss bank annual earnings are here so we might as well check in on what […]

    / Feb 7, 2013 at 1:10 PM
  • Bart Chilton: On The Case


    RBS’s Seating Arrangements Deprived The World Of Untold Embarrassing IM Conversations

    It’s getting to be a struggle to be amused by Libor manipulation chats. RBS took […]

    / Feb 6, 2013 at 1:34 PM
  • ubs


    Bonus Watch ’13: UBS

    The Swiss bank will reportedly announce today that it’s going to be doing things a little differently around here re: compensation. One, deferrals will start at $250,000 and two, rather than being paid in UBS stock, the non-cash portion of 6,500 senior employees’ bonuses will come in the form of subordinated debt that can and will be wiped out in the event the amount of capital on hand falls below the level required by EU regulators, putting the onus on everyone to make sure no one pulls an Adoboli and avoids multi-billion dollar fuck-ups in general.

    / Feb 5, 2013 at 1:47 PM
  • ubsbirthdaygifts


    Layoffs Watch ’13: UBS

    Cuts are said to be going down in New York.

    / Jan 16, 2013 at 12:27 PM
  • This isn't that guy. This is Guido Ravoet, of the EBF, which oversees Euribor.


    UBS Libor Manipulators Can Only Bow Down In Awe To Guy Who Submitted 66% Euribor Quote

    Is it just obviously true that if (1) you had a Libor-based loan or swap […]

    / Jan 11, 2013 at 6:19 PM
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    Losing Anything < $2 Billion, Whether Through Trading Or Regulatory Fines, Now Considered A Victory At UBS

    UBS’s $1.5 billion settlement for manipulating interbank lending rates is the fourth separate regulatory finding […]

    / Dec 21, 2012 at 3:35 PM
  • Kweku-Adoboli


    Kweku Adoboli’s Colleague Couldn’t Help But Admire The Cojones It Took To Lose UBS $2 Billion

    Not everyone would have the balls, but Adobli did and for that he deserved props.

    / Dec 21, 2012 at 10:40 AM
  • Financial violations, hurtling.


    Sometimes UBS Traders Manipulated Libor Just To Mess With Each Other

    The last of the UBS Libor settlements to come out was the U.S. one and […]

    / Dec 19, 2012 at 3:50 PM
  • Circle of life.


    UBS Traders Convinced Brokers To Give Other Banks Fake Estimates Of Those Other Banks’ Fake Estimates Of Libor

    The UBS Libor settlements are really a garden of infinite delights; there are many semi-literate, […]

    / Dec 19, 2012 at 11:50 AM
  • Bob Diamond, now and forever


    Fines For Banks Who Made Up Numbers Seem To Be Made-Up Numbers

    I assume that there’s someone somewhere whose job it is to think about this, but […]

    / Dec 13, 2012 at 5:30 PM
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    UBS Is Going To Have To Hold A Telethon To Pay Off Its Libor Fine

    UBS, Switzerland’s biggest bank, may be fined more than $1 billion by U.S. and U.K. […]

    / Dec 13, 2012 at 10:55 AM
  • manatee

    Opening Bell

    Opening Bell: 11.26.12

    UBS Stung By Adoboli Case (WSJ)
    Swiss financial market regulator Finma said it will keep a close eye on UBS’s investment bank for the foreseeable future and may ask it to raise fresh capital, following an investigation into failures that allowed London-based trader Kweku Adoboli to make unauthorized trades. At the same time, the U.K. Financial Services Authority fined UBS £29.7 million ($47.6 million). Mr. Adoboli was convicted of fraud last week and sentenced to a seven-year prison term. “The measures ordered by Finma include capital restrictions and an acquisition ban on the investment bank, and any new business initiative it plans must be approved by Finma,” the regulator said. Finma will also consider “whether UBS must increase capital backing for its operational risks,” will appoint a third party to ensure corrective measures are introduced, and will organize an audit to review the steps taken by UBS. Finma declined to say when the auditing review would be completed or when a decision on a capital increase would be made, though a spokesman said this is likely to be within months rather than years.

    SAC Fund Manager Faces Choice of Trial or Deal (Bloomberg)
    Martoma, 38, used illegal tips to help SAC make $276 million on shares of pharmaceutical companies Elan Corp. and Wyeth LLC, according to the Justice Department and the Securities and Exchange Commission. Arrested last week, he is to appear today in Manhattan federal court for masterminding what the U.S. calls the most lucrative insider-trading case ever.

    Flowers Foods Sizes Up Hostess (WSJ)
    The Thomasville, Ga., company is considered a likely bidder for some of the assets owned by Hostess, which last week was granted permission by a federal bankruptcy-court judge to begin liquidating. The end came after a contentious bankruptcy that began in January and culminated this month in a strike.

    Goldman Turns Down Southern Europe Banks as Crisis Lingers (Bloomberg)
    Goldman Sachs, the No. 1 stock underwriter in Europe, turned down roles in offerings by banks in Spain and Italy this year, the only top U.S. securities firm not to take part in the fundraisings by southern European lenders as the region’s debt crisis stretches to a fourth year. The firm declined a role in Banco Popular Espanol SA’s 2.5 billion-euro ($3.2 billion) rights offering this month because it wanted greater protection to avoid potential losses on the sale, two people familiar with the talks said. JPMorgan and Morgan Stanley are helping to guarantee the deal. Goldman also didn’t underwrite this year’s share sales by Italy’s UniCredit SpA and Portugal’s Banco Espirito Santo SA, which drew Bank of America Corp. and Citigroup.

    Knight Seen Getting Acquisition Bids This Week (Bloomberg)
    The company with a market value of about $430 million was bailed out by six financial firms in August after losing $457 million in a trading error. Chicago-based Getco LLC, one of the rescuers, and Virtu Financial LLC in New York are among the likely bidders, said the person, who requested anonymity because the negotiations are private. The Wall Street Journal reported Nov. 23 that Knight expected offers for its market-making unit.

    Woman who rode manatee charged with violating protection act (Sentinel)
    A 53-year-old Pinellas County woman was arrested Saturday for violating the Florida Manatee Sanctuary Act by riding a sea cow in the waters near St. Petersburg in September. Ana Gloria Garcia Gutierrez of St. Petersburg was arrested at her place of employment — Sears at Tyrone Square Mall in St. Petersburg — on a warrant issued by the State Attorney’s Office. The charge is a second-degree misdemeanor. The punishment could be a $500 fine or up to 60 days in jail, the Tampa Bay Times said. Gutierrez stepped forward after the Pinellas County Sheriff’s Office released photos of a then-unknown woman riding a manatee near Fort DeSoto Park in Pinellas County on Sept. 30. “Gutierrez admitted to the offense claiming she is new to the area and did not realize it was against the law to touch or harass manatees,” the Pinellas County Sheriff’s Office said in a statement.

    Escrowyou too, judge! (NYP)
    Argentina, bruised and battered after a 10-year battle to sidestep billions of dollars in bond payments, is lashing out at US courts and a Manhattan federal court judge. A high-ranking member of Argentina President Cristina Kirchner’s administration terms “judicial imperialism” the Thanksgiving eve ruling by Judge Thomas Griesa that ordered the South American country to place a $1.3 billion bond payment in escrow pending the end of the legal tussle. Kirchner has repeatedly said she would not pay up. Griesa, frustrated with Argentina’s repeated attempts to stall the legal proceedings, sided with New York hedge fund billionaire Paul Singer, whose Elliott Management owns Argentine bonds that were defaulted on back in 2002.

    ‘Cliff’ Threatens Holiday Spending (WSJ)
    The White House warned in a new report that going off the so-called “fiscal cliff” could slow the growth of real gross domestic product by 1.4% and limit consumer spending during the holiday season. The report comes as lawmakers are returning to Washington with just weeks left to find an agreement to prevent taxes from going up on millions and spending cuts from kicking in. It will likely provide fodder for both political parties as they seek to find a compromise.

    At Some Firms, Cutting Corporate Rates May Cost Billions (WSJ)
    President Barack Obama has said, most recently during last month’s presidential debates, that the 35% U.S. corporate tax rate should be cut. That would mean lower tax bills for many companies. But it also could prompt large write-downs by Citigroup, AIG, Ford and other companies that hold piles of “deferred tax assets,” or DTAs…Citigroup, for instance, acknowledged during its recent third-quarter earnings conference call that a cut in the tax rate could lead to a DTA-related charge of $4 billion to $5 billion against earnings.

    Cohen’s General Counsel Gives SAC Boss Cover (NYP)
    The sharks of the US Attorney’s office have SAC Capital Advisors surrounded — and owner Steven Cohen is looking a lot like chum. Good thing the billionaire hedgie has a large supply of shark repellent. That would be Peter Nussbaum, SAC’s longtime general counsel who, over his 12 years at the Stamford, Conn., firm, has built up an impressive 30-person compliance department — not including an additional tech compliance team. “Nussbaum is the most respected person at SAC,” said a hedge fund executive not at SAC. “He is going to do what he thinks is best for the firm and not be cowed by anyone.” Nussbaum’s huge compliance department, observers said, was built, in large part, because of the perception that the government was determined to bust Cohen.

    Confidential Police Docs Found in Macy’s Parade Confetti (WPIX)
    Confidential personal information is what some paradegoers found among confetti tossed during the world’s most famous parade. That information included social security numbers and banking information for police employees, some of whom are undercover officers. Ethan Finkelstein, who was home from college on Thanksgiving break, was watching the parade at 65th Street and Central Park West, when he and a friend noticed a strip of confetti stuck onto her coat. “It landed on her shoulder,” Finkelstein told PIX11 News, “and it says ‘SSN’ and it’s written like a social security number, and we’re like, ‘That’s really bizarre.’ It made the Tufts University freshman concerned, so he and his friends picked up more of the confetti that had fallen around them. “There are phone numbers, addresses, more social security numbers, license plate numbers and then we find all these incident reports from police.” One confetti strip indicates that it’s from an arrest record, and other strips offer more detail. “This is really shocking,” Finkelstein said. “It says, ‘At 4:30 A.M. a pipe bomb was thrown at a house in the Kings Grant’ area.” A closer look shows that the documents are from the Nassau County Police Department. The papers were shredded, but clearly not well enough.

    / Nov 26, 2012 at 8:52 AM
  • kweku-260x146


    In Retrospect, Kweku Adoboli Probably Should’ve Taken Down The Whole Bank And Evaded Arrest For A While

    In terms of speaking gigs, do you want to hear from the guy who cost UBS a couple billion or the fugitive who brought it to its knees?

    / Nov 20, 2012 at 1:05 PM
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    It’s Possible A Bunch Of Employees At UBS Deutschland Helped Clients Evade German Taxes

    The bank has ran its own internal investigation and found no evidence of wrongdoing but prosecutors are still going to take a look-see themselves.

    The investigation, being conducted by economic-crimes prosecutors in Mannheim, was started in March against unnamed employees after a tax inquiry in the southwestern state of Baden Wuerttemberg identified suspicious transfers of funds from Germany to Switzerland, allegedly executed by a German taxpayer with the assistance of the Frankfurt-based office of UBS Deutschland AG…In May, prosecutors seized more than 100,000 computer files and other records during a search of the bank’s Frankfurt office, Mr. Lintz said. Tax investigators are assessing this material to identify evidence that bank officials acted as accessories to tax evasion, he said.

    In its statement, UBS Deutschland said that “an internal investigation into the specific allegations has not identified any evidence of misbehavior by UBS Deutschland AG.” It said it is cooperating with the criminal investigation. Several investigations of UBS clients in Germany are under way by local prosecutors independent of the Mannheim investigation, Mr. Lintz said. He declined to say how many clients are under investigation. A report in the Thursday edition of German newspaper Stuttgarter Nachrichten said thousands of bank clients are under investigation. Mr. Lintz declined to confirm that figure.

    Germany Probes UBS Staff on Tax-Evasion Allegations [WSJ]

    / Nov 8, 2012 at 5:12 PM
  • ubsairship


    Hiring Watch ’12: UBS Was Just Joking When It Fired Scores Of Employees In The Harshest Ways Imaginable

    Remember last week when UBS called New York based employees the day after Hurricane Sandy to tell them they no longer had a job, and communicated the same news to London-based staff by deactivating their ID cards and cutting off their email access? The bank is hoping everyone is at the point where they can laugh about all that, as apparently management got a bit overzealous with its firings– these things happen in the heat of the moment– and actually let go of a few too many people, who are now being offered their jobs back.

    UBS has brought back several employees who were put on leave when it unveiled a drastic pullback from fixed income last week, and more could follow, sources familiar with the situation said. The Swiss bank stopped dozens of traders from reaching their desks in London last Tuesday, when it unveiled an exit from most of its rates and bond trading businesses in a strategic overhaul that will lead to 10,000 global layoffs. The bankers were placed on special leave until further notice, while in the United States UBS fired several fixed-income employees by phone. UBS has already brought back a small handful of employees who were on leave, two people familiar with the matter said. It could also ask more to return or rehire some where needed, said three other sources, including UBS insiders, adding that some desks were now too thinly staffed to operate properly, if they were desks the bank ultimately wanted to keep going.

    No hard feelings?

    UBS takes back some traders on leave amid overhaul [Reuters]
    Earlier: UBS Takes Swift Action On Job Cuts; Layoffs Watch ’12: UBS Tells Employees Not To Bother Themselves With Figuring Out How To Get Into Work (Ever Again)

    / Nov 7, 2012 at 3:53 PM
  • axelweber_1182576a


    UBS Chairman: Other Banks Will Have To Fire Thousands Of Employees Too, Y’Know

    Difference is, UBS is the only one that’s faced facts already, ’cause they’re consistently ahead of the curve like that. Credit Suisse, Deutsche Bank, all those other guys will get a cold hard dose of reality sooner or later, though, and when they do they’ll say, “Damn! UBS was all over this!”

    A day after UBS AG announced it was cutting up to 10,000 jobs by 2015, UBS chairman Axel Weber is warning that many of the Swiss banking giant’s rivals may have to follow suit…“I suspect that many banks have not yet really understood what the consequences of the new capital rules for business will be when they come into full effect in 2019,” Weber was quoted as saying in Wednesday’s edition of the German daily Handelsblatt. “We, on the other hand, see this new world very clearly,” he said. “Besides that, Swiss rules commit us to even higher own capital demands than the 10 percent capital quota that Basel III orders.”

    UBS Chief: Other Banks May Need To Downsize Too [AP]
    Earlier: Layoffs Watch ’12: UBS Tells Employees Not To Bother Themselves With Figuring Out How To Get Into Work (Ever Again)

    / Nov 1, 2012 at 11:55 AM