Swiss private bank J. Safra Sarasin Group is shutting its Indian joint venture after it was unable to build significant scale in a competitive market hit by slowing economic growth, sources with direct knowledge of the matter said.
UBS will pay $885 million in a settlement with a US regulator over allegations the Swiss bank misrepresented mortgage-backed bonds during the housing bubble, paving the way for billions more to be paid by other banks.
Swiss bank UBS has been placed under formal investigation for alleged complicity in suspected illegal sales practices, the French prosecutor's office said yesterday, a week after the bank's French business suffered the same fate.
Swiss bank UBS faces a fine of about $1 billion next week to settle charges of rigging the London interbank offered rate (Libor) interest rate benchmark, a person familiar with the situation said.
Such a penalty would be more than
UBS was fined £30 million ($48 million) by Britain's financial watchdog and put under extra scrutiny by its Swiss counterpart over failings that allowed a rogue trader to lose $2.3 billion.
Announcing the fine yesterday,
Two months into anti-government protests in Syria last year, as the military crackdown grew more vicious, the European Union and US introduced sanctions against President Bashar al-Assad, his security chiefs and members of his family.
One of Switzerland's largest international investment banks has decided to upgrade its operations in Bahrain to run as a regional hub, while two other Swiss banks are considering a presence in the kingdom.
This is a massive vo
"Naked gambling" by UBS trader Kweku Adoboli nearly brought down the massive Swiss bank as he wagered up to $12 billion, cooked the books and lied to bosses until his "pyramid of fraud" collapsed, a prosecutor told a London c
UBS has got itself into a royal pickle in Kuwait. The Swiss bank is fighting a claim that it failed to pay a local sheikh for helping it secure the $10.7 billion sale of the African subsidiary of part state-owned telecom operator Zain.