UBS to pay $1.5 billion over interest rate rigging

BY: Associated Press
POSTED: December 19, 2012
Tags: Business, business news, interest rates, justice department, ubs

WASHINGTON — The Justice Department says an international investment bank will pay more than $1.5 billion in penalties in three nations to resolve charges of trying to manipulate an interest rate used as a benchmark in global banking transactions. Attorney General Eric Holder says UBS Securities Japan Co. Ltd., will plead guilty to felony wire [...]

Ex-UBS banker gets 5 years’ probation in tax case

BY: Associated Press
POSTED: November 18, 2011
Tags: IRS, Renzo Gadola, swiss, switzerland, tax evasion, ubs

MIAMI — A former banker at Switzerland’s UBS AG has been sentenced to five years’ probation and no jail time for tax fraud because of his assistance in uncovering other tax evasion cases. A federal judge in Miami agreed Friday that 45-year-old Renzo Gadola deserved leniency. He pleaded guilty in 2010 to tax fraud conspiracy [...]

Wells Fargo agrees to pay $37M in bid-rigging case

BY: Associated Press
POSTED: November 8, 2011
Tags: Bank of America, bid-rigging, investment banks, JPMorgan Chase & Co., justice department, lawsuit, municipalities, ubs, wachovia bank, wells fargo

DES MOINES, Iowa — Wells Fargo & Co. said Tuesday it has agreed to pay at least $37 million in a lawsuit which alleges several banks rigged bidding competitions to win business from state and local governments. Banks help municipalities invest the money they raise from bond offerings to earn interest before paying for projects. [...]

Goldman Sachs loses $428 million in third quarter

BY: Associated Press
POSTED: October 18, 2011
Tags: bonds, goldman sachs, Goldman Sachs Group Inc., industrial and commercial bank of china, investment bank, investors, revenue, Stocks, third quarter, ubs

NEW YORK — Goldman Sachs Group Inc. reported a third-quarter loss of $428 million Tuesday as revenue from underwriting stocks and bonds plunged. It was only the second quarterly loss for the investment bank since it went public 12 years ago. Investors were unfazed by the loss, which had been widely expected due to the [...]

HSBC to cut 30,000 jobs in global overhaul

BY: Associated Press
POSTED: August 1, 2011
Tags: bank, bank branches, british, credit suisse, Economy, first niagara bank, goldman sachs, HSBC, hsbc bank, job cuts, london, patrick humphris, Retail, ubs

LONDON — British banking group HSBC said Monday it will cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S., part of a new strategy to focus on fast-growing emerging markets. The bank, which reported a better-than-expected 3 percent increase in pretax profits to $11.5 billion in the [...]

UBS agrees to pay $160M in municipal bond settlement

BY: Associated Press
POSTED: May 4, 2011
Tags: allegations, bidding process, federal officials, investment business, justice department, SEC, securities and exchange commission, state officials, swiss bank, ubs, UBS AG, washington

WASHINGTON — Big Swiss bank UBS AG has agreed to pay $160 million to resolve allegations of rigging the bidding process to win investment business from cities and towns in 36 states. Federal and state officials announced the settlements Wednesday. UBS admitted and accepted responsibility for illegal, anticompetitive conduct by former employees from 2001 through [...]

UBS is paring down its 44-page dress code

BY: Associated Press
POSTED: January 17, 2011
Tags: dress code, employees, geneva, guidelines, swiss bankers, ubs, united bank of switzerland, zurich

GENEVA — Good news for Swiss bankers: They may soon be allowed to wear red underwear, black nail polish — and even eat garlic. Swiss banking giant UBS AG said Monday it is revising its 44-page dress code telling its Swiss staff how to present themselves, which generated worldwide ridicule for its micromanagement of their [...]