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Top UBS banker detained by US

One of the most senior private bankers at UBS, the world’s leading wealth manager, has been detained by authorities in the US investigating whether the Swiss bank helped its American clients evade tax

UBS to shed a further 2,600 bankers

The Swiss lender is to cut 2,600 more investment banking jobs after subprime losses, part of a package to reduce its workforce by about 5,500 by the middle of next year

BlackRock to buy UBS debt

The US asset manager will pay the Swiss bank $15bn for a portfolio of subprime mortgage debt in a move indicating that the worst may be over in the credit markets

UBS warns of more job cuts

The biggest European casualty of the US subprime crisis plans further reductions in investment banking as it continues to pull back from proprietary trading

UBS details subprime losses

UBSadmitted half of the $18.7bn writedowns it suffered last year on US subprime securities had stemmed from the decision by traders in its investment banking division to hold, rather than repackage and sell, one particular category of security linked to US residential mortgages

Related content and features

Video

Ospel’s surprise departure

Chris Hughes

Chris Hughes on the Marcel Ospel’s departure of UBS, following a massive writedown

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    UBS in numbers

    UBS

    Track share price and financials and use the interactive chart to analyse broker forecasts, industry peers and key indicators

      Comment and Analysis

      A good name sliced, diced and traded

      John Gapper

      The fact that UBS lost $37bn in less than a year is an indictment of Marcel Ospel himself, not just of a bunch of deluded traders and ineffectual executives in the US, writes John Gapper. It took 13 years for the flaw to become painfully obvious, but it was there right from the start

      Lessons from UBS

      Graphic

      Distorted pay structures, boardroom ignorance of potentially dangerous positions and inadequate risk controls have become common in the banking industry

      Corroded to the core: How a staid Swiss bank let ambitions lead it into folly

      UBS In depth

      UBS is trying to pick up the pieces after weak controls and erratic management allowed it to become Europe’s biggest casualty of the current credit crisis

      Large-scale action needed to tackle credit crisis

      Only large-scale, unorthodox intervention by the public authorities will help stabilise the more pressing problems, says George Magnus

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