|Bid||11.48 x 21500|
|Ask||11.73 x 42300|
|Day's Range||11.70 - 11.80|
|52 Week Range||10.12 - 16.68|
|Beta (3Y Monthly)||1.09|
|PE Ratio (TTM)||10.88|
|Forward Dividend & Yield||0.69 (5.95%)|
|1y Target Est||13.50|
The question goes to the heart of securities markets, which routinely churn billions of dollars of orders per day. Without it, they cannot meet regulatory requirements such as getting the best price on trades, reporting transactions or valuing assets.
Deutsche Bank AG will pay $15 million to resolve claims it conspired to rig prices of bonds issued by Fannie Mae and Freddie Mac , becoming the first of 16 financial services companies to settle litigation by investors. The German bank did not admit wrongdoing in agreeing to the settlement, which also requires that it bolster its antitrust compliance procedures and cooperate with the investors. The settlement was disclosed in filings late Wednesday in Manhattan federal court.
UBS Wealth Management USA announced a series of significant enhancements to its equity compensation plan services and digital platform. UBS equity compensation plan clients and the
(Bloomberg) -- UBS Group AG’s broker dealer powerhouse is a key part of advanced talks with Banco do Brasil SA to create a local investment-banking joint-venture, according to people familiar with the matter.The Swiss lender would control the venture, which would handle equity and futures trading as well as investment banking, the people said, asking not to be identified because the discussions are private.Banco do Brasil, the nation’s biggest asset manager, doesn’t have its own brokerage to trade stocks or derivatives, handing that business off to other banks. The Brasilia-based lender had 1 trillion reais ($244 billion) in assets under management as of July, according to Anbima, the country’s capital markets association. UBS’s broker dealer, which has ranked No. 1 in Brazil equity trading since 2014, is in second place so far this year, according to data compiled by Bloomberg.The partnership with UBS would be similar to other arrangements Banco do Brasil has with Mapfre SA in some branches of its insurance business and with Principal Financial Group Inc. on pension plans. The structure would give the government-owned bank the majority of capital, but UBS would have the most voting shares. Giving UBS control means the venture wouldn’t have to comply with some of the constraints Brazil places on state-owned entities, such as restrictions on bonuses and hiring.UBS would gain more access to Banco do Brasil’s trading flows and also the bank’s deep relationships with Brazilian corporations. Banco do Brasil is the biggest lender in Brazil by assets, with a loan book of 686.6 billion reais as of June. Loans to large corporations accounted for about 154 billion reais of the total. The state-owned bank could also help UBS win investment-banking deals that require credit, providing bridge loans for acquisitions or underwriting for local bonds -- markets that are booming this year.UBS ranks seventh in advising on mergers in Brazil this year and sixth in equity underwriting, according to data compiled by Bloomberg. The Zurich-based lender doesn’t participate in the local bond market.Sylvia Coutinho, UBS’s Latin American head of global wealth management and chief executive officer for Brazil, and Banco do Brasil CEO Rubem de Freitas Novaes are among those negotiating the deal, the person said.UBS declined to comment, as did Banco do Brasil, which referred to its statement on Friday where it said it is analyzing alternatives for its capital markets businesses, including partnerships, but there are no binding talks at the moment.UBS’s broker dealer lost its No. 1 rank in Brazil equity trading this year to XP Investimentos SA as many international investors pulled away from the Latin American nation, according to data compiled by Bloomberg. XP handled 724.6 billion reais in gross value this year, while UBS took second place with 557.9 billion reais, the data show. XP also owns brokerages Clear and Rico, which add an additional 176.6 billion reais to the firm’s total.UBS’s head of Brazil equity trading and electronic trading for Latin America, Nilson Monteiro, left the firm earlier this year with another executive and took some clients with him to Ideal Corretora de Titulos e Valores Mobiliarios, two other people familiar with the matter said. Another obstacle for UBS: A change in market rules that makes it easier for high-speed traders to use many brokerages to deliver orders, one person said.UBS sued Monteiro, arguing he wasn’t respecting a one year non-compete agreement that included a remuneration from the bank, according to Mauricio Pessoa, an attorney at Pessoa Advogados who represents UBS. Judge Katia Bizzetto granted UBS an injunction saying Monteiro should give up any management position at Ideal. The judge also imposed a 60,000-real daily fine if he didn’t comply, since Monteiro had “access to confidential and strategic information” at UBS, according to a public filing.The two parts already reached an agreement, two people familiar to the matter said.Monteiro and UBS declined to comment on the agreement.UBS’s brokerage, which doesn’t operate in the retail market in Brazil, has been the nation’s biggest in electronic trading, where foreign investors dominate. The share of foreigners on equity trading markets in Brazil fell to 45.7% this year through Sept. 5, from 48.9% last year, while local retail investors increased to 18.3% in the same period, from 17.9% in 2018, according to Brazil’s stock exchange B3.Although UBS lost market share, its revenue is still growing as the market overall expands, according to a person familiar with the matter. Total daily equity-trading volume in Brazilian markets through Aug. 31 this year was 43% bigger than the same period last year.\--With assistance from Steven Arons, Nicholas Comfort and Vinícius Andrade.To contact the reporters on this story: Cristiane Lucchesi in Sao Paulo at firstname.lastname@example.org;Rachel Gamarski in in Brasilia at email@example.com;Felipe Marques in Sao Paulo at firstname.lastname@example.orgTo contact the editors responsible for this story: Alan Goldstein at email@example.com, ;Daniel Cancel at firstname.lastname@example.org, Steve Dickson, Julia LeiteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
UBS Group (UBS) expects to benefit from Banco do Brasil's strong balance sheet position, and bolster foothold in Brazil through the deal.
Two new hats were placed on Daniel Imhof , who will join Credit Suisse in November as head of global platinum solutions and client services, as well as deputy global head of investment management. Mr ...
Brazilian state-controlled lender Banco do Brasil SA and UBS Group AG are in advanced talks about an investment banking joint venture that could be signed as soon as next month, two sources with knowledge of the matter said. Banco do Brasil, Brazil's second-largest lender, has been considering alternatives to bolster its investment banking business for a while. The bank began to search for a partner last year and held talks with different investment banks, but the process was interrupted by the presidential election.
The world's largest investment banks have had their worst start to a year since 2006, the latest data published by industry analyst Coalition on Thursday shows. "What's been communicated today was a reorganisation, which did not include a specific number of job cuts," a person familiar with the matter said, adding that the restructuring would be carried out by the end of the year. Switzerland's largest bank has shaken up its investment bank several times since the appointment of former investment banker Sergio Ermotti as chief executive in 2011, who implemented an overhaul including sweeping job cuts soon after taking over.
Switzerland's UBS plans another shake-up of its investment banking arm to help boost earnings and curb costs after tough market conditions precipitated a performance dip. The world's largest investment banks have had their worst start to a year since 2006, the latest data published by industry analyst Coalition on Thursday shows. "What's been communicated today was a reorganisation, which did not include a specific number of job cuts," a person familiar with the matter said, adding that the restructuring would be carried out by the end of the year.
Forbes has announced its third annual ranking of America’s Next Gen Best-in-State Wealth Advisors from all 50 states. Locally, four San Diego-based and an additional four Newport Beach-based UBS financial advisors have made the listing.
UBS is preparing an overhaul of its investment bank as the Swiss lender seeks to galvanise earnings and cut costs after a drop off in performance over the past few quarters. As part of the revamp, due to be announced at a townhall on Thursday, executives are discussing hundreds of job cuts at the investment bank, especially within the higher ranks, as duplicate roles are cut after sweeping divisional mergers, according to people familiar with the matter. The bank’s main equities division will be combined with its smaller foreign exchange, rates and credit trading (FRC) operations to create a single securities and trading unit, said three people with knowledge of the changes.
Papua New Guinea will start preliminary hearings on Sept. 19 into the terms of a A$1.2 billion ($810.5 million) loan from Swiss bank UBS used for an ill-fated government investment in the gas sector, the inquiry's chairman said on Monday. The timetable and terms of reference, released for the first time, also include a focus on how the UBS loan used to buy a government stake in PNG-focused energy firm Oil Search was obtained, whether it resembled previous loans, and whether the government broke its own rules in taking out the loan. Chairman Salamo Injia, a former chief justice, said in a statement on Monday that retired Australian judge John Gilmour would also join the inquiry as a second commissioner.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.UBS Group AG and HSBC Holdings Plc are bringing robots into bond sales, a corner of banking still considered by many to be off limits to the onward march of automation.UBS has created a machine-learning algorithm that shows its salespeople the most likely counterparty to buy or sell a bond. HSBC is developing a bot that will send asset managers suggestions for bond transactions tailored to their existing trading patterns.While some bankers view bots in sales as an ominous development for one of the last bastions of old-style finance that runs off relationships, phone calls and working lunches, their bosses say the opposite is the case. Both banks say they want to make the process more efficient, relieving staff of more mundane tasks that get in the way of making money.Elsewhere in the industry, machines are already being widely adopted, adding to job insecurity for some at a time when banks are cutting staff to counter a weakening economy.“If salespeople are working much faster and more efficiently, you may need fewer of them,” said Tim Skeet, a career banker with almost 40 years experience in debt capital markets. “There is a fine balance between human and machine with sales because persuasion, judgment, knowledge and human contact are important, especially in less liquid markets.”UBS’s new system makes finding a match for a bond trade easier and quicker and has reduced the average number of calls a salesperson needs to make from five to three, according to Chris Purves, head of the bank’s Strategic Development Lab.The Swiss bank started rolling out the tool, known as Client Scout, in May after testing it earlier in the year. It sends an alert to the bank’s salespeople informing them UBS has a certain position and suggesting the most-likely candidates for the trade, ranked by percentage probability of a match, according to Purves.“This tool is as good as the best salesperson at knowing who to contact to get a trade done,” he said. “It brings everyone up to that level.”HSBC’s assistant, which doesn’t yet have a name, will build on an existing bot that HSBC’s salespeople started using in January to ensure they are up-to-date on the bank’s biggest events and best-read research. The tool monitors data on what research clients read and what events they attend. It has a 92% success rate when answering questions from sales, according to Ash Booth, head of artificial intelligence in HSBC’s corporate and institutional digital team.The new system can also compile research and trading ideas for clients, giving staff more time to work on transactions.“This has nothing to do with replacing salespeople but rather helping them and increasing their efficiency,” the bank said.MatchmakingHSBC plans to test the first version of its client system with a group of asset managers toward the end of this year, according to Sotiris Manderis, managing director in the bank’s corporate and institutional digital team.Whereas HSBC is targeting all asset classes, UBS has focused on credit because the market is particularly slow to trade. Individual bond positions sometimes take days or weeks to shift and Purves likens the market to a “dating agency” where sales try to match up buyers and sellers.Electronic systems are making leaps in corporate bond markets. UBS trades more than 13,000 bonds electronically today, an increase of more than 20% from a year earlier, according to Purves.Still, most of the market trades by voice and even after a salesperson uses Client Scout, the trade is executed manually between two people rather than automatically, he said.“Machines never get bored or tired, they just keep going,” said Purves. “But the last mile is human and it’s going to be a while before that changes.”To contact the reporter on this story: Katie Linsell in London at email@example.comTo contact the editors responsible for this story: Vivianne Rodrigues at firstname.lastname@example.org, Chris VellacottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Switzerland's biggest bank UBS on Thursday appointed former Credit Suisse manager Iqbal Khan to co-lead its flagship wealth management business, as part of a broader shake-up of its executive board. The appointment of Khan alongside two internal promotions mark a significant revamp for the bank as it seeks fresh talent for its CEO succession planning efforts and drums up enthusiasm for its core business in an increasingly challenging landscape.
Switzerland's biggest bank UBS on Thursday appointed former Credit Suisse manager Iqbal Khan to co-lead its flagship wealth management business, as part of a broader shake-up of its executive board. Khan, a former head of Credit Suisse International Wealth Management and a rising star considered a CEO candidate in the future, will replace Martin Blessing as UBS wealth management co-head alongside U.S. counterpart Tom Naratil. Suni Harford, a Citigroup veteran who joined UBS in 2017, was promoted from her current role as head of investment at the asset management business to leading the entire division.