Catherine's Feed
Nov 3, 2011

Swiss Re Q3 net profit tops poll, sees market turn

ZURICH, Nov 3 (Reuters) – Swiss Re posted a
third-quarter profit more than double expectations and said it
saw prices firming, having just reclaimed the key credit rating
it saw as a prerequisite for expanding business.

The world’s No. 2 reinsurer on Thursday reported a
third-quarter net profit of $1.3 billion, compared with a
Reuters poll estimate of 566 million.

Oct 27, 2011

Swiss, Greeks hold talks on taxing secret accounts

ZURICH, Oct 24 (Reuters) – Swiss officials met with their
Greek counterparts on Thursday for initial talks about taxing
money stashed away by wealthy Greeks in secret Alpine accounts.

Greece is eyeing a tax deal similar to the ones Switzerland
has clinched recently with Germany and Britain to help plug the
yawning hole in its finances that threatens the euro zone.

Oct 5, 2011

UBS equities heads quit as bank admits mistakes

LONDON/ZURICH (Reuters) -The two heads of the UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) (UBS.N: Quote, Profile, Research, Stock Buzz) division that caused a $2.3 billion loss stepped down on Wednesday as an internal investigation into the trading scandal showed risk systems had detected unauthorized activity but failed to respond.

Caretaker chief executive Sergio Ermotti, who took over 11 days ago after Oswald Gruebel quit over the losses, said it was “simply not acceptable” that unauthorized activity was not sufficiently investigated and controls not properly enforced.

Oct 5, 2011

UBS says it spotted unusual trading, but failed to act

LONDON/ZURICH (Reuters) – An internal investigation into the UBS “rogue trading” scandal showed risk systems detected unauthorised activity but no proper action was taken, the bank’s new interim boss said as two heads of the division stepped down.

UBS said on Wednesday its co-head of global equities, Francois Gouws and Yassine Bouhara, had resigned following the equity trading losses of $2.3 billion (1.5 billion pounds.)

Oct 5, 2011

UBS equities co-heads exit after rogue trading

LONDON/ZURICH, Oct 5 (Reuters) – An internal investigation
into the UBS “rogue trading” scandal showed risk
systems detected unauthorised activity but no proper action was
taken, the bank’s new interim boss said as two heads of the
division stepped down.

UBS said on Wednesday its co-head of global equities,
Francois Gouws and Yassine Bouhara, had resigned following the
equity trading losses of $2.3 billion.

Sep 26, 2011

Investors assess new UBS CEO, hope for fast revamp

ZURICH (Reuters) – UBS investors gave a cautious welcome to the Swiss bank’s new caretaker chief executive on Monday after Oswald Gruebel resigned in the wake of a $2.3 billion rogue trading scandal and cleared the way for a major overhaul of the investment bank.

Shares in UBS zig-zagged in erratic early trade as fund managers and analysts digested news that the job of clearing up after the crisis had been handed to Sergio Ermotti, who joined

Sep 26, 2011

Markets to vote on new UBS chief

ZURICH, Sept 26 (Reuters) – Investors will give their
verdict on Monday on whether they think Swiss bank UBS AG’s
(UBSN.VX: Quote, Profile, Research) new caretaker chief executive is the right man to
overhaul its investment bank after the $2.3 billion rogue
trading scandal ousted Oswald Gruebel.

The 67-year-old German resigned on Saturday, with the UBS
board appointing as his interim replacement Sergio Ermotti, who
joined UBS in April after having been passed over for the top
job at Italian bank UniCredit (CRDI.MI: Quote, Profile, Research).[ID:nL3E7KO02H]

Sep 26, 2011

Markets to give verdict on new UBS chief

ZURICH (Reuters) – Markets will give their verdict on Monday on whether they think Swiss bank UBS’s new caretaker chief executive has the mettle to manage the overhaul of its investment bank after Oswald Gruebel quit over the $2.3 billion (£1.4 billion) rogue trading scandal.

The 67-year-old German resigned on Saturday, with the UBS board appointing as his interim replacement Sergio Ermotti, who hails from Switzerland’s Italian-speaking region of Ticino.

Sep 25, 2011

UBS bank’s revamp after trading scandal to take years

ZURICH, Sept 25 (Reuters) – Reorganising the investment bank
at UBS will take two to three years to
complete, its chairman said on Sunday, a day after Chief
Executive Oswald Gruebel quit over the $2.3 billion rogue
trading scandal.

The UBS board on Saturday accepted the resignation of its
67-year-old German-born chief executive and appointed as his
interim replacement Sergio Ermotti, 51, who hails from
Switzerland’s Italian-speaking region of Ticino.

Sep 24, 2011

New UBS boss seeks fresh start after trading scandal

ZURICH, Sept 25 (Reuters) – The new interim boss of UBS
faced a daunting task on Sunday as he tries to
get the Swiss bank back on its feet after Oswald Gruebel quit as
chief executive over the $2.3 billion loss it ran up in alleged
rogue trading.

Sergio Ermotti said on Saturday the scandal had revealed a
risk exposure that was “totally unacceptable” and his first
priorities would be to review the bank’s controls and conclude
an internal investigation into the losses.