State to the rescue
Interactive graphic: As governments intervene to save ailing banks, this graphic shows the value of recent state help to banks
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UBS has written off $37bn of US mortgage-related loans, raised $27bn from investors and now lost its chairman. What next for Switzerland’s largest bank?
UBS sets out ambitious plans for return to growth
After weeks of bad news encompassing regulatory fines and deep losses, UBS announces new growth targets, including ambitions to generate SFr15bn of pre-tax profits within three to five years
US tax amnesty reaps billions for Treasury
Hundreds of wealthy Americans with offshore UBS accounts to be handed over by the Swiss government to the US authorities are alleged to have used false documents, sham entities and other fraudulent methods to evade paying tax.
India probes accounts linked to London UBS case
The fine imposed on the Swiss bank by Britain’s financial watchdog is part of an unfolding investigation into the past management of Indian private banking accounts
Improper trading case adds to woes for UBS
News that employees made unauthorised trades that cost clients more than $42m could well make them more nervous about the Swiss bank’s wealth management division
UBS staff speculated on client accounts
The Swiss bank has been hit with the third-biggest fine levied by the UK financial watchdog after senior employees were discovered using money taken from customer accounts to speculate in foreign currencies and commodities
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Comment and Analysis
UBS loses ability to convince as credibility is hit
Marcel Ospel’s name has turned to mud in the 18 months since the UBS chairman stepped down but the bank has lost credibility in doggedly defending him
Grübel still has difficult work to do at UBS
Oswald Grübel, new chief executive, turns his attention to the difficult task of rebuilding the bank’s ailing investment and private banking arms
Privacy rather than banking secrecy at stake in Miami
Judge Alan Gold must certainly be enjoying his moment in the sun in Miami. After all, the federal judge is presiding over the landmark civil case launched by the US Internal Revenue Service to force UBS to reveal the names of some 52,000 unidentified US taxpayers it suspects of holding undeclared offshore accounts with the big Swiss ban
UBS / US tax authorities
The IRS claims it will receive an ‘unprecedented amount of information’ from the Swiss bank
Man in the News: Bradley Birkenfeld
Two years ago, writes Haig Simonian, the phone in the FT’s Zurich office rang. ‘My name is Tarantula,’ said the mystery caller. ‘The information I will provide will put my life in danger and be the end of Swiss bank secrecy’
Offshore no more
Switzerland’s financial secrecy is a vessel for tax evasion and the Swiss do not have a self-evident right to profit from aiding people to evade the laws of other countries
UBS
UBS has found itself thrust to the forefront of the US administration’s new war on tax evasion
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