Sigalon | Shared With: Everyone - May 06 2008 | business, UBS, switzerland, banking
UBS, the largest Swiss bank, said Tuesday that it expected to cut about 5,500 jobs, including 2,600 in its investment banking unit, as it announced a first-quarter loss of about $10.9 billion.
The bank also said it was planning to sell $15 billion dollars of distressed mortgage assets to the asset management company BlackRock and that they would close down the bank's institutional municipal bond business in the United States.
UBS, which has been the hardest hit of all European financial institutions in the credit crisis that began last year, reported a first-quarter loss of 11.5 billion Swiss francs. That was in line with its previous estimates, but it represented a sharp turn from a net profit of 3.0 billion francs in the first quarter 2007.
Quoted: UBS to cut 5,500 jobs after first-quarter loss
- Sigalon | Shared With: Everyone - Apr 04 2008 | banking, Politics-US, politics
UBS AG reported earnings results for the first quarter 2008. For the quarter the company recorded a $12.1 billion loss. The company expects write-downs of about $19 billion.
Quoted: Get UBS AG (UBS) stock research & investing information. Find historical stock quotes, key competitors, stock data, executive management and the latest company news.
- Sigalon | Shared With: Everyone - Feb 21 2008 | banking, france, business
Quoted: Société Générale posts record loss on trading scandal, subprime exposure
The results followed the publication late Wednesday of an independent report that found that Société Générale had failed to follow up on at least 75 alerts raised by its risk control officers, compliance officers and accountants over the course of two years. - Sigalon | Shared With: Everyone - Feb 11 2008 | france, finance, business, banking
Quoted: PARIS (Reuters) - Other banks and the French taxman stand to make hundreds of million of dollars as Societe Generale boosts its capital with a deeply discounted rights issue after rogue trading and U.S.
- Sigalon | Shared With: Everyone - Feb 11 2008 | france, finance, business, banking
Societe Generale on Monday launched a 5.5-billion-euro capital increase -- offering shares at a massive discount -- to cover losses it blames on rogue trader Jerome Kerviel who is to fight his detention in jail.
- Sigalon | Shared With: Everyone - Feb 05 2008 | banking, france, business
Quoted: The first e-mail message arrived in Société Générale's offices on Nov. 7. The surveillance office at Eurex, one of the biggest European exchanges, alerted a compliance officer at the bank that for seven months a trader named Jérôme Kerviel had engaged in not just one but "several transactions" that had raised red flags.
- Sigalon | Shared With: Everyone - Jan 31 2008 | france, banking, finance
Quoted: J�rôme Kerviel, France's rogue trader, still believes that he could have made an astronomic profit from his €50 billion of illicit market bets if his bosses at the Soci�t� G�n�rale bank had not sacked him, he has told police.
- Sigalon | Shared With: Everyone - Jan 31 2008 | france, banking, business
- Sigalon | Shared With: Everyone - Jan 30 2008 | france, banking, finance
Quoted: an. 30 (Bloomberg) -- When a person loses $7.2 billion of other people's money, other people naturally want to know more about him. They badly want to believe that he is in some way unusual. To blow up $7 billion -- to buy more than $75 billion in equities in private -- must require some kind of genius.
But despite some seriously sweaty journalistic effort, all we know about 31-year-old Jerome Kerviel is that he was a mediocre student, a green belt in judo and unsatisfying to his wife.
- Sigalon | Shared With: Everyone - Jan 30 2008 | france, banking, trading, business
Jan. 30 (Bloomberg) -- Jerome Kerviel, the Societe Generale SA trader whose unauthorized bets led to the biggest trading loss in history, told prosecutors the bank cast a ``complacent look'' on his practices.
``As long as we were winning and it wasn't too visible, things worked out, no one said anything,''
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Interesting offer from HK - it will back all of its banks' deposits, prompting reasonable questions about what happens if the world's richest people put their money into an HK bank that collapses.
My friends called me a few weeks back and told me about the run on the bank that occurred. Turns out it happened due to rumors that circulated via text messages. The HK "FDIC" insures deposits there up to $100,000HKD, or about $13000.
1 FaverQuoted:Li Kui-wai, the director of the Asian economic policy center at the City University of Hong Kong, said that Hong Kong’s history of attracting deposits from all over the world meant that the policy initiatives announced on Tuesday could prove costly. He questioned if the Hong Kong government and taxpayer could afford a bailout “if the one million richest people in the world put their money in a Hong Kong bank, and the bank goes broke.” Hong Kong’s action could put pressure on other international financial centers with very large deposits and limited populations that have not yet issued blanket guarantees of bank deposits, like Switzerland, which has roughly the same population as Hong Kong at about 7 million people. Hong Kong will back up its deposit guarantee with its foreign exchange reserves, now $161 billion.
- ms.kruse - Sep 18 20081 FaverViewed: 3 Times
- mohit - Sep 21 20081 FaverViewed: 9 Times
