News that UBS profits will reach 2.5 billion Swiss francs ($2.33 billion) in the first quarter and outflows where falling was welcomed by the market earlier this week.
Swiss banking giant UBS said Monday its pre-tax profit will be at least 2.5 billion Swiss Francs ($2.33 billion) in the first quarter, when outflows of funds continued.
A media report saying that UBS's Fixed Income, Currencies and Commodities unit (FICC) would generate around $2.3 billion in the first quarter is higher than the unit's forecast, UBS said in a statement Tuesday.
London and New York share the top place in a ranking of financial centers around the world published Friday, followed by Hong Kong and Singapore.
The U.S. dollar, the Swiss franc, the future of China, and Acme Brick. This is part seven of the transcript and video of Warren Buffett's 'Ask Warren' appearance on CNBC's Squawk Box on Monday, March 1, 2010.
A wealthy investor in Virginia pleaded guilty on Tuesday to criminal tax evasion involving an international bank, said by a person briefed on the case to be HSBC, one of the world’s largest private banks.
Amid fears that go-it-alone moves such as President Barack Obama's plan to break up big banks will further hamper the fledging economic recovery, finance ministers and central bankers from the Group of Seven major industrial countries meet.
Stocks kicked off February with a rally, after a dismal January, energized by an earnings beat from ExxonMobil and a strong manufacturing report. Alcoa and Exxon led the Dow. Apple gave the Nasdaq a boost but Amazon took a hit.
Stocks advanced on the first day of February, energized by an earnings beat from ExxonMobil and a strong manufacturing report.
There are some who blame the Fed for missing warnings signs leading up to the financial crisis; others have said the Fed caused the crisis with its “easy-money” policies.
Investors started February on an optimistic note, bidding stocks higher after logging the worst month for the market in over a year in January.
Stock index futures pointed to a sharp rise to kick the month off Monday, following a third-consecutive losing January.
There was an agreement that banking regulation and reform was important, but no real plans on what to do.
President Barack Obama's plans to regulate and limit the size of banks is the "right direction," said Vikram Pandit, CEO of Citi, since the company has been weeding out companies that didn't fit into the company already.
Yvo de Boer, executive secretary of the UN Framework Convention on Climate Change, called climate change "an economic agenda rather than a green agenda [that] needs to be explained more clearly that this is about energy security and jobs going in a different direction.”
"I think there's a lot more sensible lending and underwriting going on," says Donald Gogel, president and CEO of private equity firm Clayton, Dubilier & Rice., but business services is doing better than consumer businesses.
Euro zone member states must meet their commitments on budget stability and cannot be bailed out by the euro zone, French Finance Minister Christine Lagarde told CNBC in Davos on Friday.
The tax on banks proposed by President Barack Obama is likely to become law, while a proposal to set up a fund for unwinding troubled financial institutions has little chance of succeeding, Rep. Barney Frank, D-Mass., told CNBC Friday.
Officials in Davos should try to reach a global consensus about the need for a new regulatory regime for banks, Nobel Prize laureate Joseph Stiglitz told CNBC Friday.
The current levels of budget deficits in both Europe and the U.S. are not sustainable and Europe's economic recovery will only be modest, European Central Bank President Jean-Claude Trichet told CNBC Thursday.