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BUSINESS
July 5, 2008 | From the Associated Press
UBS, Switzerland's largest bank, said Friday that it expected its second-quarter results to be "at or slightly below break-even" because of a tax credit that would at least partly offset investment losses. The bank also said it wouldn't need to ask for more capital when it reported the results next month. Analysts had been expecting a second-quarter loss of as much as $4.9 billion from the bank that had been hammered by big losses related to the U.S. sub-prime lending crisis.
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BUSINESS
July 13, 2009 | Associated Press
The U.S. and Swiss governments and banking giant UBS indicated Sunday that they were seeking a settlement and asked a federal judge to delay high-stakes hearings on the Internal Revenue Service's effort to identify thousands of suspected U.S. tax evaders. The motion, filed in Miami less than 24 hours before the hearings were to begin today, sought postponement until Aug. 3 "to allow the two governments to continue their discussions seeking a resolution of this matter."
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BUSINESS
July 11, 2003 | From Reuters
Lawmakers looking into an accounting scandal at clinic and surgical center operator HealthSouth Corp. asked a former U.S. executive at Swiss bank UBS to turn over documents related to the company. House Energy and Commerce Committee Chairman W.J. "Billy" Tauzin (R-La.) and ranking Democrat John D. Dingell of Michigan said they had sent a letter to Howard Capek, who directed research on HealthSouth for many years at unit UBS Warburg.
BUSINESS
July 5, 2008 | From the Associated Press
UBS, Switzerland's largest bank, said Friday that it expected its second-quarter results to be "at or slightly below break-even" because of a tax credit that would at least partly offset investment losses. The bank also said it wouldn't need to ask for more capital when it reported the results next month. Analysts had been expecting a second-quarter loss of as much as $4.9 billion from the bank that had been hammered by big losses related to the U.S. sub-prime lending crisis.
BUSINESS
March 5, 2005 | From Bloomberg News
Lehman Bros. Holdings Inc., UBS, Goldman Sachs Group and Credit Suisse Group agreed to pay investors $100.3 million to settle claims that the banks helped issue WorldCom Inc. bonds when they should have known the company's finances were deteriorating. The settlement was reached with New York Comptroller Alan Hevesi, the trustee for the New York State Common Retirement fund, lead plaintiff in the case. Citigroup Inc. reached a $2.6-billion settlement with WorldCom investors in May.
BUSINESS
July 13, 2009 | Associated Press
The U.S. and Swiss governments and banking giant UBS indicated Sunday that they were seeking a settlement and asked a federal judge to delay high-stakes hearings on the Internal Revenue Service's effort to identify thousands of suspected U.S. tax evaders. The motion, filed in Miami less than 24 hours before the hearings were to begin today, sought postponement until Aug. 3 "to allow the two governments to continue their discussions seeking a resolution of this matter."
BUSINESS
June 10, 2003 | From Bloomberg News
UBS, Europe's largest bank by assets, dropped the PaineWebber and Warburg brands from its brokerage and investment bank Monday, scrapping two of the best-known names on Wall Street and in London. The move by UBS, based in Zurich, Switzerland, adds PaineWebber and Warburg to the list of names that have been forsaken in a decade of financial services mergers. Donaldson, Lufkin & Jenrette, Bankers Trust and Alex. Brown Inc. are gone. Morgan Stanley & Co. last year jettisoned Dean Witter.
BUSINESS
July 17, 2007 | From Times Wire Services
UBS agreed to pay $23.3 million to settle allegations it steered customers into unsuitable fee-based accounts, New York Atty. Gen. Andrew Cuomo said Monday. The state accused UBS in December of improperly shifting customers into accounts that charge fees based on assets. Such accounts produce a more stable stream of revenue than commissions. The Switzerland-based financial services company will reimburse customers a total of $21.3 million and pay a $2-million penalty, Cuomo said.
BUSINESS
July 12, 2000 | From Times Staff and Wire Reports
PaineWebber Group, the fourth-largest U.S. brokerage and one that's eschewed the long-running merger trend among its peers, reportedly is close to being bought by the Swiss banking group UBS for about $12 billion. The deal, as reported by the Financial Times of London today, would value New York-based PaineWebber at about $73 a share, a fat premium over the stock's closing price Tuesday. PaineWebber closed at $49.94, up $3.81 for the day in heavy trading on the New York Stock Exchange.
BUSINESS
December 19, 2001 | Bloomberg News and Times Staff
UBS, Switzerland's biggest bank, ousted President Luqman Arnold on Tuesday amid management disagreements over the company's course. Some analysts said a key point of contention was Luqman's decision to rein in the firm's newly aggressive investment-banking arm headed by Los Angeles-based Ken Moelis. Analysts said Moelis was forced in October to scrap a $3-billion loan commitment to EchoStar Communications when the latter was bidding for General Motors' Hughes Electronics unit.
BUSINESS
October 30, 2007 | From Times Wire Services
Swiss banking company UBS, already writing down the value of some assets by $4.1 billion, warned investors Monday that its fourth-quarter results could be hit by a further downturn in the U.S. housing and mortgage markets. UBS said that although the quarter had started well, its exposure to the U.S.
BUSINESS
October 2, 2007 | E. Scott Reckard and Walter Hamilton, Times Staff Writers
The sub-prime mortgage fiasco and the resulting jolt to credit markets reverberated around the world again Monday as giant Swiss bank UBS and New York's Citigroup Inc. said they would take billions of dollars in charges related to bad loans to high-risk U.S. homeowners.
BUSINESS
July 17, 2007 | From Times Wire Services
UBS agreed to pay $23.3 million to settle allegations it steered customers into unsuitable fee-based accounts, New York Atty. Gen. Andrew Cuomo said Monday. The state accused UBS in December of improperly shifting customers into accounts that charge fees based on assets. Such accounts produce a more stable stream of revenue than commissions. The Switzerland-based financial services company will reimburse customers a total of $21.3 million and pay a $2-million penalty, Cuomo said.
BUSINESS
July 6, 2007 | From Times Wire Services
Financial services giant UBS ousted its chief executive Thursday in a surprise move after three quarters of declining earnings. UBS, the world's biggest money manager, said Peter Wuffli, 49, "relinquishes all of his functions at UBS." He was succeeded by Marcel Rohner, 42, the Zurich-based company's deputy CEO. Marcel Ospel, 57, agreed to stay on as chairman for at least three years after the board rejected his proposal to have Wuffli replace him.
BUSINESS
February 27, 2007 | From Bloomberg News
A former account manager at a unit of UBS, Europe's biggest bank by assets, pleaded guilty Monday to helping a hedge fund manager steal about $2.5 million from investors, federal prosecutors said. Justin Paperny, 31, of Studio City pleaded guilty to one count of conspiracy to commit mail, wire and securities fraud, the U.S. attorney's office in Los Angeles said in a statement. He faces as many as five years in prison. Paperny, who worked for UBS Financial Services Inc.
BUSINESS
March 5, 2005 | From Bloomberg News
Lehman Bros. Holdings Inc., UBS, Goldman Sachs Group and Credit Suisse Group agreed to pay investors $100.3 million to settle claims that the banks helped issue WorldCom Inc. bonds when they should have known the company's finances were deteriorating. The settlement was reached with New York Comptroller Alan Hevesi, the trustee for the New York State Common Retirement fund, lead plaintiff in the case. Citigroup Inc. reached a $2.6-billion settlement with WorldCom investors in May.
BUSINESS
April 9, 2003 | From Bloomberg News
Fidelity Investments, the largest U.S. mutual-fund company, said Monday that it would acquire the U.S. securities-processing unit of UBS to add new sources of revenue as fees from managing money sink. Fidelity agreed to pay $340 million in cash for UBS' Correspondent Service Corp., which processes trades and keeps records for other brokers, said a person familiar with the deal. Fidelity and UBS declined to comment on the price. The purchase will nearly double its roster of brokerage customers.
BUSINESS
February 27, 2007 | From Bloomberg News
A former account manager at a unit of UBS, Europe's biggest bank by assets, pleaded guilty Monday to helping a hedge fund manager steal about $2.5 million from investors, federal prosecutors said. Justin Paperny, 31, of Studio City pleaded guilty to one count of conspiracy to commit mail, wire and securities fraud, the U.S. attorney's office in Los Angeles said in a statement. He faces as many as five years in prison. Paperny, who worked for UBS Financial Services Inc.
BUSINESS
August 21, 2003 | From Associated Press
Investment firm UBS agreed Wednesday to pay $500,000 to settle federal regulators' charges that it had failed to supervise a stockbroker who looted tens of millions of dollars from clients of the firm's former PaineWebber unit between 1994 and 1998. The move sends a message about brokerages' accountability for the actions of their brokers, regulators said. The broker, Enrique E.
BUSINESS
July 11, 2003 | From Reuters
Lawmakers looking into an accounting scandal at clinic and surgical center operator HealthSouth Corp. asked a former U.S. executive at Swiss bank UBS to turn over documents related to the company. House Energy and Commerce Committee Chairman W.J. "Billy" Tauzin (R-La.) and ranking Democrat John D. Dingell of Michigan said they had sent a letter to Howard Capek, who directed research on HealthSouth for many years at unit UBS Warburg.
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