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FSA, Swiss Regulator Launch Joint UBS Probe

The City regulator and its Swiss counterpart are to launch a joint probe into the alleged rogue trades which have cost UBS an estimated £1.3bn. The Financial Services Authority and Finma will announce the joint investigation shortly.

UBS email to its employees

Dear colleagues,

We regret to inform you that yesterday we uncovered a case of unauthorized trading by a trader in the Investment Bank. We have reported it to the markets in line with regulatory disclosure obligations. The matter is still being investigated, but we currently estimate the loss on the trades to be around 2 billion US dollars. It is possible that this could lead UBS to report a loss for the third quarter of 2011. No client positions were affected.

Oswald Grübel - the man who was supposed to change UBS to the better

Oswald Grübel took on reviving the fortunes of Switzerland’s largest bank by repeating the magic trick he did with the Swiss number two

Coming out of retirement is daunting. Attempting a comeback during the worst industry crisis in living memory is perhaps foolhardy. For Oswald Grübel the challenge was so enticing he took it on twice – first with Switzerland’s second largest banking group, CSG, and then two years later with UBS, the Swiss number one.

Paul Donovan - UBS: the euro is like the Hotel California: once you join you can never leave

‘You can check-out any time you like, but you can never leave’


A potential ‘complete’ solution to the crisis is to abolish the euro or kick troubled countries out of the monetary union. While there is a satisfying simplicity to these options, they should only be thought of as last-ditch alternatives. The cost of reinstating a sovereign currency would be horrendous. As Paul Donovan, deputy chief global economist at UBS said on Bloomberg Radio, “the euro is like the Hotel California: once you join you can never leave”.

 UBS Investment Research Global Economic Perspectives



UBS complaining about the capital rules

UBS flagged potential shifts in strategy and setup, as an ongoing bank review looks at the effect of far tougher Swiss rules for capital-padding that are set to come into force.

"We are currently undertaking a thorough investigation of whether the regulatory changes and the new market trends will require strategic and organizational adjustments and, if so, what sort of adjustments," UBS Chairman Kaspar Villiger told investors at the Zurich-based bank's shareholder meeting.

Effects of Swiss regulators: UBS may have to double its own capital

UBS may have to double its own capital if Swiss regulators put in place the reforms currently under discussion to prevent banks from becoming 'too big to fail', UBS chief Oswald Gruebel said. The reforms could require the big banks to restructure operations so that foreign entities would have their own capital and would not be reliant on the Swiss parent, Gruebel told the Swiss daily Tagesanzeiger in an interview published on Friday. "In this case we'd need about twice as much own capital as today," the Tagesanzeiger quoted Gruebel as saying.

UBS Transparency in Financial Reporting Setting the Standard

UBS office(in my view!) Have a look at this. It is the new Quarterly Reporting page of UBS. Impressive No?

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