- August 27, 2010 - IRS To Drop UBS Suit As Switzerland Hands Over Account Details
The US tax authority is to cease its civil action against UBS after the Swiss government handed over details on 2,000 US clients suspected of using their accounts to evade taxes, according to media reports of a statement by the Internal Revenue Service.
A deal was made in August 2009 for 4,450 names; the IRS said it expected to receive information on the remaining 2,450 this autumn.
“Based on information received to date and assurances by the Swiss government, we anticipate being in a position to withdraw the John Doe summons [that would have sought up to 52,000 client nam.
- August 26, 2010 - UBS In Potential Strife Over Sales Of Lehman Products
While UBS is seeking to overcome recent problems and embark on a global marketing drive, its US brokerage faces costly regulatory actions linked to the sale of Lehman Brothers’ debt, according to Reuters.
Investor lawyers for the past year have been criticising UBS for selling Lehman Brothers' debt with such reassuring names as "100 percent principal-protected notes" that promised robust returns with no risk of loss, the report said. These Lehman-issued notes were largely wiped out when Lehman Brothers went bankrupt in September 2008.
- August 25, 2010 - UBS Names New Head Of Financial Intermediaries In Asia
The Singaporean arm of the Swiss banking giant UBS has appointed Reto Marx, currently managing director, as its new head of financial intermediaries for the Asia Pacific region with immediate effect, this publication has learned.
In his new role, Marx, who joined the firm in January 2010, “will lead the organisation on a day-to-day basis in Hong Kong and Singapore,” according to an internal memo seen by this publication. Marx’s appointment is intended to further support the current FIM business’ organisational structure in the region within the group-wide FIM strategy.
- August 24, 2010 - UBS Splashes The Cash With New Global Sponsorship Deal
UBS seems to be pulling out all the stops to repair its image and win new business, announcing a major new sponsorship deal with Formula 1 racing while simultaneously rolling out a new global advertising campaign.
UBS’s global sponsorship deal with Formula 1 will be formally launched at the Singtel Singapore Grand Prix, which will run between 24 and 26 September. The financial terms of the deal were not disclosed, however UBS has said that the deal was commercially attractive and compared favourably with other forms of building brand awareness and offering client hospitality.
- August 23, 2010 - UBS Rolls Out US, Global Ad Campaign
UBS will roll out the US leg of its new global advertising campaign in the fourth quarter, the Swiss bank has told this publication. It will encompass television, print, digital media and billboards.
The campaign, first reported by Dow Jones, carries the tag line “We will not rest.
- August 23, 2010 - “No Evidence” Of Further US Tax Probes - Top Swiss Diplomat
Michael Ambuehl, Switzerland’s state secretary for international affairs in tax and financial issues, has expressed confidence that the Alpine state’s banks will face no further probes by the US authorities into alleged tax evasion like that undergone by UBS, Reuters reports.
Speaking at a news conference in Berne, Ambuehl was asked if other Swiss banks could face problems with the US authorities similar to those experienced by UBS – a question which has repeatedly reared its head in recent times. "There is no evidence of that," the top-ranking diplomat reportedly answered.
- August 13, 2010 - UBS Names New Wealth Management Head In Europe
UBS has named JP Morgan veteran Jakob Stott as its new head of wealth management for Europe.
Stott, who was latterly chief operating officer for JP Morgan’s investment bank in EMEA, as well as global head of the reputation risk office, will take up his new role on 1 October.
He will have responsibility for all the Swiss bank’s onshore wealth management activities in Europe, with leadership authority over more than 45 branches across Germany, the UK, France, Monaco, Italy, Spain, Austria, Luxembourg, Belgium and the Netherlands.
- August 13, 2010 - UBS To Offer Mortgages To Canadian Private Banking Clients
UBS Wealth Management Canada plans to offer mortgage lending to its Canadian clients though its private banking unit in the country, WealthBriefing can confirm.
The Swiss banking giant is currently exploring ways of setting up mortgage lending services to its private banking clients, a spokesperson in Toronto told this publication. UBS will either build a team internally, hire mortgage specialists to execute the business or enter an outsourcing agreement with another firm.
- August 11, 2010 - UBS Goes On Swiss Hiring Spree
The Swiss arm of UBS is currently advertising around 500 vacancies to external applicants across its business, especially in the private banking and risk management areas, Neue Zürcher Zeitung reports.
Roughly two-thirds of these are to replace staff who have left, with the remaining third being new positions, a source familiar with the matter told WealthBriefing.
The positions to be filled include client advisor roles, as well as others covering a fairly broad spectrum of positions in areas such as risk management, control and accounting, the source continued.
- August 3, 2010 - Wealthy Australian Businessman Sues UBS Over Investment Losses
A prominent Australian businessman is suing UBS Wealth Management over multi-billion dollar losses sustained during the financial turmoil, according to media reports.
The action is being taken against UBS Wealth Management Australia by Stefan Ackerie, of Queensland, according to a statement lodged in the Supreme Court in Brisbane, reports said.
UBS reportedly contests the claim as being without merit.
