|Bid||0.00 x 800|
|Ask||0.00 x 36900|
|Day's Range||13.57 - 13.80|
|52 Week Range||13.01 - 20.89|
|Beta (3Y Monthly)||1.43|
|PE Ratio (TTM)||37.68|
|Forward Dividend & Yield||0.65 (4.76%)|
|1y Target Est||19.82|
Sergio Ermotti discusses consolidation in the banking sector and news that the U.S. Department of Justice is suing UBS over alleged pre-crisis fraud.
The Swiss firm would increase capital at UBS Securities Co. to at least 2 billion yuan ($287 million), the people said, asking not to be identified discussing private information. The planned increase is part of UBS Securities’s push to expand in more capital-intensive business like margin financing, and to be eligible for market-making in over-the-counter equity derivatives, the people said. Pushing into OTC derivatives and margin financing would help UBS Securities reduce its reliance on China’s volatile cash equities business.
The Swiss bank was hit with a long-expected U.S. fraud lawsuit that accused it of fueling the 2008 financial crisis by deceiving investors who bought billions of dollars of risky mortgage-backed securities. In France, the state and prosecutors are seeking as much as 5.3 billion euros ($6 billion) in fines and damages over allegations it helped clients hide money from authorities. “The French are demanding a lot -- probably 10 times more than what I estimate UBS has provisioned,” Daniel Regli, an analyst at MainFirst in Zurich, said by phone.
UBS Investment Bank today announced that the ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN Series B (NYSE Arca®: SMHB), will begin trading on NYSE Arca®. The Index is calculated and distributed by Solactive AG and is intended to track the price movements of stocks which are publicly traded on US stock exchanges and fulfill certain minimum requirements in terms of liquidity and market capitalization. For more information about the ETN, including the SMHB Prospectus Supplement, please visit www.etracs.com.
The Swiss banking giant pledges to fight a Justice Department lawsuit accusing it of misleading buyers of residential mortgage-backed securities a decade ago.
UBS Group (UBS) faces charges of deceiving investors in the sale of RMBS along with helping wealthy French people evade taxes.
who met the man at the heart of the 1MDB scandal. The US Department of Justice said last week that a “high-ranking executive” at Goldman was present at a 2009 meeting between its bankers and Jho Low, the financier who has been charged for his role in a $2.7bn money laundering and bribery scandal. Goldman says it was duped by Asia-based bankers — two of whom are facing criminal charges — and had no idea that Mr Low was operating in the shadows of deals to raise $6.5bn of debt for state fund 1MDB.
The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group AG, Switzerland's largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-09 global financial crisis. UBS was accused of misleading investors about the quality of more than $41 billion of subprime and other risky mortgage loans backing 40 securities offerings in 2006 and 2007, the Department of Justice said in a complaint filed with the federal court in Brooklyn.
London’s financial deregulation drive under Margaret Thatcher, endorsed by New Labour in the 1990s, saw U.K. bank assets swell from 55 percent of GDP in 1980 to 450 percent in 2010. It is therefore disturbing to hear UBS Group AG representatives draw a connection between the bank’s legal woes in France, where it is on trial for encouraging rich clients to hide cash abroad to dodge taxes — allegations the bank denies — and the attractiveness of Paris as a financial center after Brexit.
Swiss bank UBS’s struggle to throw off its past have culminated this week in legal battles on two fronts: in the US over pre-2008 issuance of mortgage securities, and in France over allegations it helped rich clients evade tax. accusing the Swiss bank of causing investors to lose “many billions of dollars” on residential mortgage-backed securities that it issued in the run-up to the financial crisis. as “irrational” demands by French prosecutors for it to pay a €3.7bn fine in a court case in which the Swiss bank is accused of illegally soliciting French clients and then helping them stash cash outside of the country.
The Justice Department on Thursday filed a civil suit against UBS Group AG over “catastrophic” losses incurred by investors from mortgage-linked securities sold in the run-up to the financial crisis in 2006 and 2007. It also serves as a reminder that, more a decade after the collapse of Lehman Brothers, some of the issues at the heart of the financial crisis have yet to be fully resolved. “Investors who bought [residential mortgage-backed securities] from UBS suffered catastrophic losses, which not only caused direct harm to those investors, but also contributed to the financial crisis of 2008,” said U.S. Attorney Richard P. Donoghue.
The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group AG (UBSG.S), Switzerland's largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-09 global financial crisis. UBS was accused of misleading investors about the quality of more than $41 billion of subprime and other risky mortgage loans backing 40 securities offerings in 2006 and 2007, the Department of Justice said in a complaint filed with the federal court in Brooklyn.
UBS and its units securitized more than $41 billion of mortgage loans in deals that proved to be "catastrophic failures," U.S. Attorney Richard Donoghue in Brooklyn, New York, said in a statement. The case comes two years after Deutsche Bank AG and Credit Suisse Group AG agreed to pay a combined $12.5 billion over allegations by the Justice Department that they peddled toxic mortgage debt.
The United States Department of Justice ("DOJ") today filed a civil complaint in the U.S. District Court for the Eastern District of New York related to UBS's issuance, underwriting and sale of residential mortgage-backed securities ("RMBS") more than a decade ago. The complaint seeks unspecified monetary civil penalties under the Financial Institutions Reform, Recovery, and Enforcement Act ("FIRREA") regarding transactions that date back to 2006 and 2007. The DOJ’s claims are not supported by the facts or the law.
Ex-Trump campaign chief Paul Manafort was in default on the multimillion-dollar mortgage for his Trump Tower condo at the time he forfeited that property to the U.S. government as part of his guilty plea to conspiracy charges, a bank says. UBS Bank is asking a federal judge for a hearing to recognize and adjudicate its interest in Manafort's condo in the landmark building owned by President Donald Trump in New York.
The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group AG , Switzerland's largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up ...
UBS was accused of misleading investors about the quality of billions of dollars of subprime and other risky mortgage loans backing 40 securities offerings, the Department of Justice said. A Justice Department spokesman did not immediately respond to a request for comment about the negotiations. UBS' case is one of the last addressing alleged misconduct in the pooling and sale by large banks of mortgage securities that were a major cause of the financial crisis.
“The DOJ’s claims are not supported by the facts or the law,” UBS said.According to the U.S., UBS securitized more than $41 billion worth of mortgage loans in the deals which proved to be "catastrophic failures," according to the complaint.It’s unusual for a big bank to fight a case by the Justice Department in court rather than negotiating a settlement, but it’s a gamble that paid off for Barclays Plc. In 2016, the British bank broke off settlement talks -- also over RMBS sales -- with the Justice Department, which was seeking a $5 billion fine. Federal prosecutors in Brooklyn sued, and the bank wound up settling in March for $2 billion, the amount it had told the DOJ originally it wouldn’t go beyond.
French prosecutors argued in a Paris court on Thursday for Swiss bank UBS AG (UBSG.S) to be fined 3.7 billion euros (3.22 billion pounds) for helping wealthy French people evade taxes. Under French law, those convicted of money laundering can be ordered to pay a fine worth half the amount laundered. On Wednesday, the lawyer representing the French government asked to be awarded 1.6 billion euros in damages.
The Justice Department said it's suing UBS over the sale of residential mortgage-backed securities from 2006 through 2007, just before the Great Recession hit. "The fraudulent actions by UBS as alleged in the complaint contributed to the 2008 financial crisis, which resulted in lasting economic harm to the nation and unnecessary suffering for Americans," said Principal Deputy Associate Attorney General Jesse Panuccio, in a statement. UBS misled investors about the quality of billions of dollars in subprime and Alt-A mortgage loans backing 40 RMBS deals, the government says. The Justice Department has settled with several banks over crisis-era mortgage bonds. UBS had already announced it plans to contest the lawsuit.
French prosecutors argued in a Paris court on Thursday for Swiss bank UBS AG (UBSG.S) to be fined 3.7 billion euros for helping wealthy French people evade taxes. Under French law, those convicted of money laundering can be ordered to pay a fine worth half the amount laundered. On Wednesday, the lawyer representing the French government asked to be awarded 1.6 billion euros in damages.
Serge Roques, a prosecutor at the Parquet National Financier, asked the court to impose a record fine of 3.7 billion euros that would be proportionate with UBS’s size, the nature of the crime and the damage to society. “The underlying facts are of an exceptional breadth and a systematic nature,” Roques said Thursday during his closing arguments at the month-old trial.
European shares were flat to slightly higher on Thursday, paring gains as a rally following the U.S. midterm elections sputtered while strong results from SocGen and Commerzbank and France's Sodexho soothed concerns about corporate earnings. The pan-European STOXX 600 was up 0.3 percent at 1017 GMT, extending the previous session's gains.
NEW YORK/ZURICH (Reuters) - UBS Group AG, Switzerland's largest bank, faces another potentially costly legal battle as the U.S. Department of Justice draws up civil charges over the sale of mortgage-backed securities in the run-up to the 2008 financial crisis. UBS said on Wednesday it expected to be sued by the Justice Department as early as Thursday.