13.51 -0.03 (-0.25%)
After hours: 4:26PM EST
|Bid||12.95 x 21500|
|Ask||13.85 x 28000|
|Day's Range||13.34 - 13.57|
|52 Week Range||11.60 - 20.89|
|Beta (3Y Monthly)||1.28|
|PE Ratio (TTM)||30.29|
|Forward Dividend & Yield||0.65 (4.90%)|
|1y Target Est||N/A|
Paul Donovan of UBS Global Wealth Management says it's important for the ECB to consider how to manage the liquidity of the European financial system if the U.K. has a hard exit.
Andrea Orcel was named Santander's CEO in September after spending several years as UBS AG's top dealmaker. In leaving UBS, Orcel risked losing tens of millions of dollars in deferred compensation, which Santander decided it was unwilling to cover. Deferred compensation in the form of cash and stock has been Wall Street's go-to way to reward executives since regulators started cracking down on pay practices after the financial crisis.
UBS Group AG held a hard line that Orcel, who led its investment bank until a few months ago, was defecting to a rival and wouldn’t receive bonuses he was owed from previous years. It wouldn’t be unusual for UBS to take a tough stance to try to dissuade one of its top managers from leaving, but Santander executives wagered that once Orcel was gone, the Swiss bank would relent rather than risk losing it as a client.
Andrea Orcel, one of Europe’s highest-profile investment bankers, found himself out of a job Tuesday, when Spain’s Banco Santander SA said it would be unacceptable to pay him the amount of money it would have cost to make him chief executive. Santander said it was canceling Mr. Orcel’s September appointment after finding out how much it would need to compensate him for shares he would leave behind at his former employer, UBS Group AG, a figure that people familiar with the matter said was above €50 million ($57.4 million). The unusual U-turn highlights the fraught issue of executive compensation in Europe.
An expanding U.S. economy and low recession risk may provide opportunities for the Fed to keep ratcheting up borrowing costs, said Min Lan Tan, head of the chief investment office for Asia Pacific in Singapore. “Global inflation will remain low enough for policy tightening to remain gradual, so the Fed could hike twice,” Tan said at a conference Monday.
Fed up with the fees charged for connectivity to exchange servers and data feeds, some brokers and trading firms plan to start their own trading venue, called Members Exchange, or MEMX. The benefit for individual investors is less clear.
Santander officials thought the garden leave could be reduced because the two banks aren’t direct competitors, the people said. William Vereker, who left last year to join U.K. Prime Minister Theresa May as a business envoy, made the switch in less than six months.
Citigroup (C) is looking to sell its entire stake in Chinese securities venture, Citi Orient Securities Co Joint venture, reports Reuters.
GENEVA (AP) — A former employee with Swiss bank UBS is going on trial for allegedly selling account information to tax authorities in Germany for over 1 million euros ($1.1 million).
The wealthy were getting richer and assets were appreciating, while many of UBS Group AG's European competitors were still figuring out what they wanted to be. The company lost a third of its market value last year, and gave up its crown as the most expensive of Europe's largest banks, based on a measure of their tangible book value, to HSBC Holdings Plc. The bank has sounded out former Bank of America Corp. investment banking chief Christian Meissner as a potential candidate, Bloomberg News reported last week.
The discussions have focused on Meissner, 49, joining in a senior role that would put him in position to take over as chief executive officer, the people said, asking not to be identified as the matter is private. UBS is laying the groundwork to find a replacement for one of Europe’s longest-serving bank CEOs after high-profile departures in the past year or so, such as top dealmaker Andrea Orcel and wealth-management head Juerg Zeltner. Ermotti, who joined UBS in 2011 from UniCredit SpA after a career at Merrill Lynch, steered the Swiss lender away from investment banking toward wealth management after a government bailout in 2008.
investment banking boss Christian Meissner about taking a senior role at the Swiss lender that could put him in line to succeed chief executive Sergio Ermotti. Mr Meissner and UBS have been in touch, but a person familiar with the situation said discussions were at a “very early stage” and his ultimate interest in the role was unclear. Mr Meissner had not yet met the UBS board, had not been offered a specific job and discussions could take several further months, they said.
Check out the companies making headlines before the bell: Apple AAPL – Apple issued a rare sales warning after Wednesday's closing bell, with CEO Tim Cook pointing to slowing iPhone sales in China.
UBS Group AG agreed to pay $68 million to end state investigations into alleged manipulation of a key lending benchmark that was considered one of the most important barometers of the world’s financial health. A series of Wall Street Journal articles in 2008 raised questions about whether global banks were manipulating the interest-rate-setting process by lowballing a key interest rate to avoid looking desperate for cash amid the financial crisis. Under the agreement with the attorneys general, which ties into a previous federal case that ultimately led to the Swiss bank pleading guilty to wire fraud, UBS admitted that management at times directed employees to “err on the low side” or stay in the “middle of the pack” when submitting U.S. Libor rates and that it submitted false Yen Libor rates to benefit its trading positions.
HARTFORD, Conn. (AP) — Swiss bank UBS has agreed to pay $68 million to settle a multistate investigation into the bank's role in manipulating an interest rate used to price everything from credit cards to mortgages, officials said Friday.
UBS Group AG agreed to pay $68 million to end state investigations into alleged manipulation of a key lending benchmark that was considered one of the most important barometers of the world’s financial health. A series of Wall Street Journal articles in 2008 raised questions about whether global banks were manipulating the interest-rate-setting process by lowballing a key interest rate to avoid looking desperate for cash amid the financial crisis. The London interbank offered rate, or Libor, is used globally to help set the price of many types of financial contracts, from home mortgages to commercial borrowing.
Per the banking regulators, the 'Living Wills' of U.S. divisions of four foreign banks have significantly improved, driven by reduced size and risk profiles.
UBS Group has named veterans Amy Lo and August Hatecke as new co-heads for its Asia Pacific wealth management business, according to an internal memo issued by the leading Swiss private banking firm. Lo, who first joined the firm in 1995, has worked as wealth management head in Greater China and Hong Kong business head. In her new role as Asia Pacific co-head, she will mainly focus on UBS' North Asia business, the memo said.
Chairman Axel Weber is said to favor an outside candidate for the role, while Ermotti also told investors recently that the company is working on a plan, the people said, asking not to be identified as the deliberations are private. A change isn’t imminent, with one person saying that Ermotti could still remain for about two years. UBS is laying the groundwork to find a replacement for one of Europe’s longest-serving bank CEOs after high-profile departures in the past year, such as top dealmaker Andrea Orcel and wealth management head Juerg Zeltner.
UBS Group AG agreed to pay a combined $15 million fine over regulatory deficiencies in its anti-money-laundering program, U.S. regulators said Monday. The U.S. Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, said broker-dealer unit UBS Financial Services Inc. violated the Bank Secrecy Act, which requires financial firms to report suspicious activities, over a roughly 13-year period through 2017. broker-dealer unit provided clients with what U.S. regulators called “banking-like services,” such as wire transfers, check writing and ATM withdrawals, but it didn’t structure its anti-money-laundering compliance program to address the potential use of its offerings for illicit-finance purposes, regulators said.
Coca-Cola (NYSE:KO) stock fell slightly following an analyst rating change. A recent purchase of a large coffee chain adds another beverage category for KO stock. Citing the “change in the air,” UBS downgraded Coca-Cola stock from “buy” to”neutral.” Interestingly, this downgrade includes an upgrade of sorts.
may have finished three years of restructuring, but its investment story is a work in progress. The Swiss bank unveiled a welcome plan to buy back at least 2 billion Swiss francs ($2 billion) of stock over two years as part of an investor day. Sure, markets aren’t great, but investors don’t yet value Credit Suisse’s promises.