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Accounting charges put UBS in red

Business | Banking
2009-11-4

SWISS bank UBS AG yesterday reported a third-quarter net loss of 564 million Swiss francs (US$542 million), blaming accounting charges of 2.15 billion francs for keeping it in the red. The Zurich-based bank posted...

UBS agrees to provide details of 4,450 accounts to the IRS

Business | Banking
2009-8-20

SWISS banking giant UBS AG agreed yesterday to turn over to the United States Internal Revenue Service the details of 4,450 accounts suspected of holding undeclared assets by American customers, ending an intense legal...

UBS spills less red ink in 2nd quarter

Business | Banking
2009-8-5

HARD-HIT Swiss bank UBS AG, beset by a United States tax evasion probe, posted a second-quarter loss of 1.4 billion Swiss francs (US$1.3 billion) yesterday in an improvement over the first three months of the year. ...

Judge delays US tax evasion hearings

Business | Lawsuits and scandals
2009-7-14

THE United States and Swiss governments and banking giant UBS AG have asked a judge to delay hearings on the Internal Revenue Service's effort to identify thousands of suspected American tax evaders. The one-page...

UBS cautious over outlook

Business | Banking
2009-5-6

UBS AG reported a first-quarter net loss of 1.98 billion Swiss francs (US$1.73 billion) yesterday, confirming a warning given last month, and said it remains cautious about its outlook as loan losses are expected...

UBS gets rid of its Brazilian business

Business | Banking
2009-4-21

TROUBLED banking giant UBS AG sold its Brazilian business yesterday for about US$2.5 billion to BTG Investments in an effort to reduce risk and streamline its operations. Switzerland's largest bank, which is cutting...

Bank suffers in tax evasionprobe fallout

Business | Banking
2009-4-16

SWITZERLAND'S largest bank, UBS AG, said yesterday it expects a first-quarter loss of nearly 2 billion Swiss francs (US$1.75 billion) and said it would be cutting 8,700 jobs worldwide by the end of next year. It...

UBS gets 3 new members on board

Business | Banking
2009-3-17

UBS AG yesterday announced that it will replace three members of its board of directors, including billionaire Ernesto Bertarelli, as part of a wave of changes to top management at Switzerland's largest bank. Nominated...

Beleaguered bank posts country's biggest loss

Business | Banking
2009-3-12

UBS AG, Switzerland's biggest bank, posted a 20.9-billion-Swiss-franc (US$18 billion) loss for 2008, more than initially reported, and said it remained "extremely cautious" about the outlook for this year. The...

Gruebel takes helm at UBS

Business | Banking
2009-2-27

TROUBLED Swiss banking giant UBS AG replaced its CEO yesterday, appointing Oswald J. Gruebel, former head of crosstown rival Credit Suisse Group, to take over immediately. Gruebel's experience in leading Credit...