UBS is mulling a spinoff of its investment banking business as regulators are demanding more capital, according to Mediobanca SpA analysts.
UBS ROE target delayed
UBS, Switzerland’s biggest bank, said in October that its ambition to reach its 15% return on equity target in 2015 will be delayed by at least a year unless the regulator removes its demand. UBS still expects to be able to boost its Basel III common equity ratio to more than 13% in 2014. However the regulator’s demands for higher risk weightings to be assigned to litigation and compliance matters would delay the bank’s targeted goal.
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Switzerland’s finance minister said current leverage ratios are too low and banks have to consider whether to keep securities businesses. Analysts led by Christopher Wheeler of Mediobanca in a recent note to clients believe these events have resulted in UBS dusting off plans for disposing of the investment bank.
The analysts point out that with competitors unlikely to make a bid for the operations, UBS could spin off its investment banking unit to existing shareholders and create a London-based firm with stock traded in the U.K. Moreover, UBS AG (NYSE:UBS) may revive the S.G. Warburg brand, a name that disappeared after the merger between UBS and Swiss Bank Corp. in 1998.
UBS’ focus on core business
Chad Bray of Dealbook points out that UBS has undertaken a number of efforts in the past year to reduce its investment bank and shift focus away from riskier trading activities to its wealth management and retail operations. The bank cut 10,000 jobs last year as part of the overhaul.
As part of its reorganization initiatives, in November, UBS combined its currency, interest rates and credit trading businesses.
Last month, the Swiss banking giant has reached an agreement to divest its Corporate Employee Financial Services International business to London-based Montagu Private Equity.
The divesture is part of UBS’ endeavors to focus on core businesses and downsize troubled segments. Notably, UBS AG (NYSE:UBS) has been experiencing challenges in the investment banking business, as reflected in the deterioration of its performance over the past few quarters.
In the note to clients, Mediobanca analysts point out that while the smaller UBS would suffer a loss of earnings from the investment bank, it would benefit from a lower risk profile. The analysts believe a spinoff may offer shareholders a 14% upside.
Updated on
Sods —–
Law.
Aug.—-
2014.
For almost two
decades we have strived to get justice for the injustice we have
suffered at the hands of a world renowned bank— PICTET & CIE.
BANK.
Two yorkshiremen
both running their own small family businesses trying to resolve the
problem by taking all the correct legal procedures to recover their
monies.
The matter was
raised in Parliament – twice– the FSA investigated the matter
concluding that PICTET had rogues operating in their London Bank —
but the rogues had left —saying no one left to prosecute.??? —–
so there.
We then
approached the Financial Ombudsman Service. (FOS) — our case was
dealt with by seven different people —- then our numerous E-Mails
were ignored — nobody would speak to us ——-so there.
We then asked the
SFO ( Serious Fraud Office.) to investigate our case —- the
criteria of our case ticked all their boxes. — we were instructed
not to send them
any
documents/evidence.—— in fact they wrote to us advising us to go
to the Citizen’s Advice Bureau.(CAB.)
Richard Alderman
the SFO boss —- who responded to our letter was the same man who
would not investigate the “ Madoff” scandal or the “Libor”
fiasco.
The MP’s
committee —- said he was sloppy— and the SFO was run like “
Fred Karno’s Circus” —– it was an office of fraud.—– so
there.
Our M.P.
approached our local Chief Constable to investigate—– he was
called—- Sir Norman Bettison— Chief Constable of West Yorkshire
Police —- a force that made “ Dad’s Army” look like the S.A.S.
They were inept – corrupt —malicious — from top to bottom. We
were criminally dealt with by the Forces Solicitor—- the Head of
the Economic Crime Unit —-and the Chief Constable —– so there.
We were then
advised to pass our complaint against West Yorkshire Police to the
I.P.C.C. – which we did — they advised us to make our complaint
to —- the West Yorkshire Police — we did with reluctance — all
we got was abuse and obfuscation. —– so there.
Sir Norman
Bettison —- The Forces solicitor— and the Head of the Economic
Crime —- have all been removed from their posts and facing criminal
allegations.
—— so there.
We even sought
justice through the Courts — culminating in a visit to the Court of
Appeal-London.— On leaving the Courts of Appeal that day our
barrister a “rising star” informed us — that if that was
British Justice then you can keep it. He quit the law and moved to
Canada —– so there.
A few years later
we learned that one of the judges ( Lord Justice.) in our case at the
Court of Appeal was related to a senior executive of the Pictet Bank
—–so there.
The Ministry of
Justice passed our case to Lord Myners to investigate — we would
rather have had Mickey Mouse or Donald Duck do it. — to this day we
don’t know
—whether he did
anything or not —- probably not — seeing that his wife was on the
Pictet Prix Board.
Pictet & Cie
.Bank — voted private bank of the year 2013.
Ivan Pictet —-
Voted banker of the year 2012. —- the senior partner — lied on
numerous occasions and had documents destroyed — also said genuine
documents were forgeries. —– so there.
Ivan Pictet in
Oct. 2013 —- Given the Legion of Honour — but saying that —-
honours were given to Hitler — Eichmann — Mussolini —Franco
— he’s in fitting company. —-so there.
MONTY
RAPHAEL.Q.C. — Peters & Peters.London. They were the banks
lawyers.
Monty
Raphael.Q.C. along with Ivan Pictet withheld crucial documents
requested by the High Court —- the FSA —- and the police Fraud
Squad. —-so there.
Monty
Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.
Monty
Raphael.Q.C. became a Master of the Bench in Nov.2012.
An expert in
Fraud —the Doyen of Fraud Lawyers. —– so there.
This says a lot
about Banks — the consensus of opinion is that they are highly paid
“crooks” —- no wonder they voted Ivan Pictet banker of the
year.
It appears that
crimes in the “establishment.” are honoured by their peers.
“HONOURS
AMONG THIEVES.”
Full Story.—-
“google or Yahoo ”
Insert.
Ivan
Pictet.Banker.
Monty
Raphael.Q.C.
Ivan Pictet/Monty
Raphael.
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