Assured Guaranty Ltd. (NYSE:AGO) shares rose as much as 6.5 percent on Monday after it was announced that the firm would receive a minimum of $358 million. The Wall Street Journal reports that it’s the result of a settlement with UBS AG (NYSE:UBS) in connection with some residential mortgage-backed securities insured by the firm. Assured Guaranty is a bond insurer which covers debt obligations, including variable-interest entities, which enables firms like UBS AG (NYSE:UBS)...
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Deutsche Bank AG (ETR:DBK) (FRA:DBK) (NYSE:DB) and UBS AG (NYSE:UBS) announced strong profit growth in Q1 earnings. Credit Suisse Group AG (NYSE:CS) also exceeded consensus profit expectations, as reported last week. Deutsche Bank AG (ETR:DBK) (FRA:DBK) (NYSE:DB), Germany’s largest bank, reported an 18 percent rise in net profit from a year earlier to 1.66 billion Euros ($2.16 billion) Most of the increase in profits came from cost cutting. Revenues came in at 9.4 billion...
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UBS AG (NYSE:UBS) has just released its latest earnings report, posting quarterly losses for the second quarter in a row. The bank attributed the losses to the fine it had to pay for rigging Libor rates and costs associated with the 10,000 job cuts the bank is rolling out over the next three years. Shares of UBS AG (NYSE:UBS) were largely unaffected on the New York Stock Exchange, trading mostly flat in Tuesday’s morning...
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UBS AG (NYSE:UBS) has announced that 6,500 of its senior bankers will receive their bonuses in bonds, which could be wiped out if the bank fails to meet capital standards. The Financial Times reports that this new structure makes UBS the first bank to use European Union Commission recommendations in setting its bonuses. UBS has made sweeping changes in recent months in the wake of the Libor scandal. Last year, the union called for bonuses...
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UBS AG (NYSE:AG) is planning a mass mailing to many of its brokerage clients alerting them that they have been reclassified as “aggressive” investors, according to a new report from FOX Business Network’s (FBN) Charlie Gasparino. Gasparino reports that this is following a recent change in its market outlet that some people inside the firm say reflects growing bearishness in the bond market particularly over the long term. Excerpts below. On UBS going bearish...
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Morgan Stanley CEO James Gorman sat down with Bloomberg Television’s Erik Schatzker at the bank’s headquarters in New York and said that he’s “very comfortable with the headcount we have right now. These have been tough decisions.” Gorman also said that “fixed income can be a terrific business” and “we’re getting there.” He said that “it would be foolish to exit.” Video and excerpts below: Gorman on how Morgan Stanley aggressively cuts costs without...
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Morgan Stanley (NYSE:MS), one of the leading banks in the United States plans to cut the number of its employees within its investment banking and trading division by 6 percent or 1,600 in the next few weeks, according to report from Bloomberg, citing an unidentified source familiar with the issue. According to the source, 50 percent of the workforce reduction will come from the United States and 50 percent will come from the company’s...
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UBS AG (NYSE:UBS) pays fine in LIBOR scandal Frankfurter Allgemeine Zeitung had: 1) UBS pays 1.4 bio. SFR (roughly 1½ bio. USD) in fines and confiscated profits to US, GB and Swiss authorities. The lions share 1.2 bio. SFR goes to the US. 2) The Japanese subsidiary of UBS AG (NYSE:UBS) pleads guilty in a single incident. 3) The amount is 3 times the .45 bio. USD Barclays PLC (LON:BARC) (NYSE:BCS) had to pay and...
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Stocks to watch for today, which are expected to see heavy trading in Wednesday’s session include; UBS AG (NYSE:UBS), Oracle Corporation (NASDAQ:ORCL), General Motors Company (NYSE:GM), Knight Capital Group Inc. (NYSE:KCG) and Navistar International Corp (NYSE:NAV). UBS AG (NYSE:UBS): The Swiss Bank admitted to fraud on Wednesday. UBS AG (NYSE:UBS) agreed to pay $1.5 billion, which is over three times what Barclays PLC (LON:BARC) (NYSE:BCS) paid in June, in penalties related to the labor rate-rigging scandal. The bank...
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Two thirds of the JPMorgan Chase & Co. (NYSE:JPM) stuff that involved the securities in question came from Bear Stearns, reports FOX Business Network (FBN) Senior Correspondent Charlie Gasparino. Gasparino further states that, “Wells Fargo & Company (NYSE:WFC), Citigroup Inc. (NYSE:C), Deutsche Bank AG (NYSE:AB), UBS AG (NYSE:UBS)” are all being investigated by the Securities and Exchange Commission (SEC). The reason for the further investigation with the other banks is because, “Bob Khuzami, the enforcement chief for the SEC,...
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JPMorgan Chase & Co. (NYSE:JPM), the USA’s largest bank by assets, combined its main business units, according to The Wall Street Journal. The units are primarily involved in brokering customer derivatives & securities trades, and sourcing & managing client assets. The move was done in order to comply with the upcoming implementation of the 2010 Dodd Frank Financial Reform Law. The new financial regulation was enacted by the United States Congress to prevent another financial...
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