Company: UBS AG

The Securities and Exchange Commission has been getting tougher on insider trading on Wall Street, but its potential target may be too wide, The New York Times reports.

JPMorgan lost $15 billion in market value and a notch in its credit rating on Friday while a chorus of regulators and politicians reacted to its surprise $2 billion trading loss by demanding stiffer oversight for the banking industry.

A federal judge in New York has rejected UBS AG's bid to dismiss a federal regulator's lawsuit accusing it of misleading Fannie Mae and Freddie Mac into buying billions of dollars of risky mortgage debt.

UBS joined the lineup of major banks under attack from shareholders for handing out lavish pay packages, in an echo of recent protests at Credit Suisse and Barclays.

Switzerland's biggest bank UBS AG on Wednesday reported a 54 percent drop in first-quarter net profit for 2012, mostly due to an accounting loss on its own debts as well as difficult market conditions.

The bank reported quarterly results that fell short of forecasts on Wednesday, and the company gave a cautious second-quarter outlook.

The staff poaching and counter-poaching between UBS and Bank of America Merrill Lynch that has enthralled London's financial community reached new heights on Wednesday when 17-year UBS veteran Alex Wilmot-Sitwell defected to the US bank.

Swiss bank Credit Suisse Group's stock took a hit Wednesday after it reported a 95 percent drop in net profit for the first quarter, when it took big charges on its debts and paid out higher bonuses.

Wall Street firms are worrying that provisions in the newly passed Jobs Act will compromise the independence of their research and leave them open to investor lawsuits.

A pick-up in trading revenue in the first quarter of 2012 disguises a chilling future for investment banks who need to drastically cull their business under new regulation.

The Libor poll may survive, despite its age, because it is deeply embedded in trillions of dollars' worth of financial contracts.

Swiss lawmakers have passed a tax proposal seen as key to settling a U.S. probe into Swiss banks with hidden offshore accounts.

The U.S. Justice Department is conducting a criminal probe into whether the world's biggest banks manipulated a global benchmark rate that is at the heart of a wide range of loans and derivatives, from trillions of dollars of mortgages and bonds to interest rate swaps , a person familiar with the matter said.

A group of traders and brokers had successfully managed to manipulate key interbank lending rates that affect loans around the world, one of the banks being investigated has told Canadian regulators, the Wall Street Journal reported on Friday.

Computers and Bloomberg terminals dominate trading floors, but the human element remains a crucial feature of transacting across derivatives and other parts of the global financial system, the Financial Times reports.