November 20, 2003 |
U.S. prosecutors charged foreign exchange traders at UBS, J.P. Morgan & Co. and 16 other firms with cheating thousands of investors through sham or rigged currency trades in the $1.2-trillion-a-day currency market. Some bank traders, including those from Dresdner Kleinwort Benson and Israel Discount Bank, also were charged with accepting kickbacks on phony trades. Altogether, 47 people were arrested and charged after an 18-month undercover probe dubbed Operation Wooden Nickel, U.S. Atty.
May 30, 2006 |
UBS' Peter Wuffli may turn what he calls his "wide-open radar screen" toward more potential takeover targets after buying a U.S. brokerage, a Brazilian bank and a futures broker in a two-month, $3.6-billion spending spree. The 48-year-old chief executive of Europe's biggest bank may tell investors today at a meeting in Zurich, Switzerland, that UBS will keep spending excess cash on acquisitions after generating a record 14 billion Swiss francs ($11.5 billion) in profit last year.
September 1, 2004 |
Backpedaling from a recent expansion, Charles Schwab Corp. is selling an institutional investment and research division to Swiss banking giant UBS for $265 million, another step in the struggling stock brokerage firm's push to regain its Main Street appeal. The all-cash deal, announced Tuesday, represents a humbling about-face for San Francisco-based Schwab, which will sustain a substantial loss on the sale of its SoundView Capital Markets group.
January 12, 2002 |
Grasping for a crucial lifeline, Enron Corp. agreed to sell majority ownership of its core energy trading business to UBS Warburg, a New York investment banking firm, for an undisclosed amount. Enron, which would keep 49% of the wholesale trading business, said the proposed sale is an important step in rebuilding the Houston company so that it can successfully emerge from bankruptcy.
December 19, 2012 |
WASHINGTON -- U.S. officials said Wednesday that banking giant UBS was motivated by "sheer greed" in rigging a key global interest rate and that the $1.5 billion in penalties the firm agreed to pay sends a strong message to the financial industry. The UBS settlement, which includes the company pleading guilty to felony wire fraud charges, follows a $450-million fine against British bank Barclays in the scandal over manipulating the London Interbank Offered Rate, known as Libor. The settlement involved U.S., British and Swiss authorities.
August 4, 2003 |
Like hard-core gamers poring over a strategy guide, investors and analysts are scrutinizing obscure entries in the financial reports of video game publishers. Two items in particular -- reserves and expense capitalization -- are getting attention in the search for clues as to why the Securities and Exchange Commission issued sweeping requests in July for information from the industry's leading companies: Activision Inc., THQ Inc., Midway Games Inc. and Acclaim Entertainment Inc.