UBS returns to profit on fixed-income performance (MarketWatch)
The bank earned 2.2 billion francs ($2.03 billion), beating consensus estimates by around 200 million francs. UBS reported a loss of 1.98 billion francs for the first quarter of 2009 and earned 1.21 billion francs in fourth- quarter 2009.
Goldman Faces Suits Over CDOS (WSJ)
The lawsuits were filed since April 22 in federal and state courts in New York, the company said in a securities filing. Goldman, its board of directors and "certain officers and employees" are accused in the suits of "breach of fiduciary duty, corporate waste, abuse of control, mismanagement and unjust enrichment," according to the company.
Congress Members Bet On Fall In Stocks (WSJ)
According to The Journal's analysis of congressional disclosures, investment accounts of 13 members of Congress or their spouses show bearish bets made in 2008 via exchange-traded funds—portfolios that trade like stocks and mirror an index. These funds were leveraged; they used derivatives and other techniques to magnify the daily moves of the index they track.
Citi Proprietary Trader Quits for Nomura as Volcker Rule Looms (Bloomberg)
Citi prop trader Jay Glasser quit to join Nomura Holdings, as U.S. lawmakers pressure domestic banks to stop speculating with their own capital. Glasser told his former bosses at Citigroup, which has lost at least 10 proprietary traders this year, that he quit partly because of concern that President Barack Obama’s proposed Volcker rule may force U.S. banks to divest or close proprietary-trading units, people with knowledge of the matter said. As a Japanese securities firm, Nomura wouldn’t be subject to the rule. Citigroup is the third-biggest U.S. bank by assets.
UBS to Hire `Hundreds' at Securities Unit as Profit Hits Three-Year High (Bloomberg)
“We still want to increase our sales and distribution force, both in fixed income and to a lesser degree in equities,” Chief Financial Officer John Cryan said in a Bloomberg TV interview today. In corporate finance, the bank plans to “selectively hire into certain key sectors.”
Fortress Eyes Asia Comeback (Reuters)
Fortress recently registered a company in Singapore, a check with the city-state's Accounting and Corporate Regulatory Authority showed, and lawyers and headhunters said it has sought advice on setting up shop in Singapore and maybe Hong Kong.