UBS posted a second-quarter net profit of 792 million Swiss francs, as it booked a $280 million charge to help settle litigation in Germany.» Read More
GENEVA— Switzerland's biggest bank, UBS, reported Tuesday a 15 percent rise in second-quarter profit, driven by strong results from its core wealth management business and trimmed-down investment banking franchises despite a tough market environment.
Sergio Ermotti, CEO of UBS, says the Swiss bank's business model is working in "tough market conditions" as it posted a second-quarter net profit of 792 million Swiss francs ($875 million).
WASHINGTON— Standard& Poor's releases S&P/Case-Shiller index of home prices for May, 9 a.m.. WASHINGTON— The Conference Board releases the Consumer Confidence Index for July, 10 a.m.. WASHINGTON— House Energy and Commerce subcommittee hearing on EPA's proposed clean power plan and grid reliability challenges.
A crush of big cap earnings and arguably the most important economic reports until September make next week the busiest of the summer for markets.
Brian Zwerner, a former manager of Bank of America's municipal derivatives desk, was sentenced to spend three years on probation and pay a $10,000 fine by U.S. According to court papers he has also agreed to pay Bank of America $890,000 and settle related U.S. Securities and Exchange Commission civil charges.
After gold futures fell to a five week low, analysts told CNBC prices were set to remain depressed for the rest of the year.
July 23- Britain's markets regulator and a group of global banks are in talks to reach a first settlement in a currency-rigging probe, with a deal possible this year, Bloomberg reported.
Despite dire predictions that China faced a slew of defaults, few mainland borrowers have welshed amid various stripes of government intervention.
NEW YORK, July 23- A federal judge on Wednesday said banks faced an uphill battle in convincing her to dismiss a U.S. regulator's claims that they misled Fannie Mae and Freddie Mac into buying mortgage-backed securities that later went sour.
July 22- Detroit will head into the critical phase of its historic bankruptcy case next month with the backing of an overwhelming majority of its active and retired workers and with opposition from a small, hard-core group of hold-out creditors.
The Financial Stability Board said work should also start on Libor alternatives, such as so-called "nearly risk-free reference rates."
Documents filed in U.S. Bankruptcy Court show the city's current and retired police and fire employees, along with other active and retired city workers, will accept benefit cuts to help Detroit shed some of its $18 billion of debt in the largest-ever U.S. municipal bankruptcy case.
Swiss bank UBS saw 15.4 percent growth in its wealth management business for 2013, firmly securing its position as world leader in the sector.
**September 2012: Agrees to pay $2.43 billion to settle claims it hid crucial information from shareholders when it bought investment bank Merrill Lynch& Co at the height of the financial crisis.
JPMorgan has picked David Li, formerly of UBS, to head its China business, which has been rocked by a probe into its hiring practices in the region.
*Luye Pharma one of scores of firms expected to relist in HK, China. HONG KONG, July 9- Shares in China's Luye Pharma Group Ltd jumped as much as 18 percent in its Hong Kong market debut on Wednesday, bolstering prospects for other so-called " China orphan" firms that had been previously listed elsewhere.
July 8- Deutsche Bank AG's head of corporate banking and securities for North America, Jeffrey Mayer, is leaving to join Cerberus Capital Management LP, Bloomberg said, citing two people briefed on the matter. Mayer's replacement may be internal or external, Bloomberg reported, citing two of the people with knowledge of situation.
With the 2014 World Cup final less than a week away, trading today's global macro-economic environment could be likened to some aspects of the game.
Morgan Stanley is opening the social media door for its brokers by allowing them to post self-authored content on firm-approved Twitter accounts.
NEW YORK, June 30- Morgan Stanley is further opening the social media door for its brokers by allowing them to post self-authored content on firm-approved Twitter accounts.