UBS staged a returned to profit in the fourth quarter, thanks to strong markets and lower one-off accounting factors. However net outflows from its mainstream private banking business almost doubled to SFr33.2bn ($31bn), compared with the previous three months, reflecting wealthy clients' deepening concerns about the Swiss wealth manager.
The Internal Revenue Service announced Wednesday that it has reached a deal with the Swiss government, gaining access to thousands of UBS AG accounts that Americans might have used to avoid paying taxes.
Swiss banking giant UBS confirmed a first quarter net loss of two billion Swiss francs ($1.75 billion) Tuesday and warned that the economy had continued to deteriorate despite a rebound in global stocks.
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The Swiss bank UBS has reached a $19.4 billion agreement to buy back bonds in the biggest settlement yet over claims that banks misled investors to buy auction-rate securities, the Massachusetts Secretary of State's office said Friday.
U.S. stock futures pointed toward a flat open Thursday as investors waited to hear what Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson would say during their testimony before the Senate Banking Committee, slated to start at 10:00 a.m. ET.
A hedge fund manager, who was among more than a dozen people accused of participating in an insider trading ring on Wall Street, pleaded guilty Tuesday to profiting from inside tips allegedly leaked by a former UBS Securities executive.
Federal prosecutors have charged 13 people in a scheme the Securities and Exchange Commission's director of enforcement described as "one of the most pervasive Wall Street insider trading rings since the days of Ivan Boesky."
UBS AG ranks no. 36 on FORTUNE's Global 500 this year, with $84.7 billion in revenues, up 48.8% from the previous year. The Zurich, Switzerland-based company was ranked no. 66 on the 2005 list. Its 2005 profits were $11.3 billion, up 72.9% from a year earlier. 2005 was a banner year for most Global 500 companies.