Saving Grace
8 months ago
There may be hope, for USB and CS
Top Brass from Central Banks have been being removed
by White Hat Worldwide Alliance shake-up. Banks are
keeping their mouth shut while restructuring.
Gold is the standard again and the wise guys are cleared out.
Gold price is weights and measures with demand. Fiat Manipulation is over!
Certificate notes will only be printed based on registered and vaulted supply.
Gold and Silver will rocket especially Silver as there is no substitute for Silver
and it's used in just about everything now days from cars to computers.
"NEW YORK, Aug 4 (Reuters) - UBS Group AG (UBSG.S) is poised to make sweeping changes to the senior ranks of its investment banking division globally as soon as Monday, marking a new milestone in the process of integrating Credit Suisse, people familiar with the matter said.
The changes are aimed at producing unified teams following the completion of UBS's emergency takeover in June of Credit Suisse.
The changes are broad and involve several dealmaking groups, including healthcare, consumer/retail, financial sponsors and equity capital markets, the sources said.
Under the shake-up some Credit Suisse bankers will take on bigger roles in the combined company while some others leave, the sources said. Some UBS bankers will leave the firm as a result of the reshuffling, the sources said.
The restructuring is the latest move by CEO Sergio Ermotti to integrate UBS and Credit Suisse in a process that the bank has said would be painful, with tens of thousands of jobs hanging in the balance."
Logos of Swiss banks UBS and Credit Suisse are seen on an office building in Zurich, Switzerland March 19, 2023. REUTERS/Denis Balibouse
One of the team heads who is in discussions about potentially exiting is UBS's global head of consumer products and retail deals, Jeff Rose, two of the sources said. Jon Levin, who has served as Credit Suisse's head of retail investment banking, is in talks to replace him, the sources added.
Matt Eilers, UBS's global head of financial sponsors, is also in talks about possibly leaving, two of the sources said. Rob DiGia, UBS's global head of healthcare, will remain with the bank and is in talks about assuming a chairman-level role, according to two separate sources among those familiar with the matter.
The sources cautioned that the changes have not been finalized and details of restructuring remained in flux. They asked not to be identified ahead of an official announcement. Rose, Levin, Eilers and DiGia did not respond to requests for comment. A UBS spokeswoman declined to comment.
Reuters reported earlier on Friday on the reshuffling of one of the teams, UBS's technology, media and telecommunications (TMT) group. The bank is in talks to name Laurence Braham, who joined the Swiss bank from Barclays Plc (BARC.L) earlier this year, as global co-head of technology, people familiar with the matter said.
His co-head would be Christian Lesueur, who has been global head of TMT investment banking, the sources added. Steve Pettigrew, who just joined UBS from Bank of America Corp (BAC.N), would be leading software M&A under Braham, according to the sources. Neil Meyer, who worked alongside Braham at Barclays and followed him to UBS, would co-lead media and communications dealmaking globally alongside Lesueur, the sources said.
UBS has been trying to regain dealmaking market share. It ranked eighth in Refinitiv's global mergers and acquisitions league table in the first half of 2023, down from sixth a year earlier. In the Americas, UBS was 14th in the first half, down from seventh a year earlier.
UBS's savings targets and indications from insiders and analysts suggest it might be looking at cutting about a third of the combined group's global workforce, or some 30,000-35,000 jobs, Reuters reported on Thursday.
Reporting by Abigail Summerville, Milana Vinn and David Carnevali in New York; Editing by Leslie Adler
https://www.reuters.com/business/finance/ubs-nears-major-investment-bank-restructuring-sources-2023-08-04/
ITMS
6 years ago
Know This Trade Level For This Leading Regional Bank Stock
Since the start of November, leading regional bank stock, U.S. Bancorp (NYSE:USB), has been pulling back on the charts. On November 2, 2017, USB stock traded as high as $55.08 a share, today the stock is trading at $52.02 a share. The one negative for the stock is that it is trading below its 50 and 200-day moving averages. This chart formation tells us that the stock is vulnerable to lower prices in the coming weeks.
Traders must now watch the $49.00 area as the next major chart support level. This level was defended in September 2017 by the institutional money and it should be defended again when it is retested. It is always important for traders to know where they are wrong, so I would place a stop-loss below the $47.00 level using a weekly chart close. The upside targets for USB stock would be $55.00 as a first target and ultimately $60.00 a share as the final target.
Nicholas Santiago
InTheMoneyStocks
XenaLives
12 years ago
Does UBS FACILITATE rather than REGULATE?
A 2011 article:
Dec. 14 (Bloomberg) -- UBS AG’s wealth-management unit in London had no controls to prevent unauthorized trading in client accounts, according to a lawyer for a former trading desk head challenging a 1.25 million-pound ($1.93 million) fine.
UBS “was to some extent complicit” in Sachin Karpe’s unauthorized trades because “senior managers” were copied on e-mails about some client accounts, Karpe’s lawyer, Michael Blair, said at a court hearing in London this week. An external auditor’s review, commissioned by the bank, determined there were no controls to prevent internal unauthorized transfers or loans between clients of the bank unit, Blair said.
“He did not circumvent controls because there were none in place,” Blair said. “If there were no rules, he could not have been proved to be doing anything wrong.”
The case is one of three challenges by individual UBS bankers to Financial Services Authority enforcement actions stemming from the unauthorized trades. Zurich-based UBS in 2009 paid an 8 million pound-fine and agreed to reimburse customers $42.4 million.
Karpe, who is also accused of moving money between client accounts to hide losses from unauthorized foreign-exchange trades and helping a client use an offshore investment fund in violation of Indian law, is challenging the FSA fine at a court hearing that began Dec. 12.
Asia-2 Desk
Karpe, who was fired from his post overseeing Indian clients on the Asia-2 desk, accepts that he deserves a lifetime ban from working in Britain’s financial services industry, Blair said.
“That’s quite a considerable scalp for the FSA and it’s not being challenged,” Blair said. The fine isn’t an “appropriate penalty” because it would bankrupt Karpe, he said.
Karpe and his desk made as many as 50 unauthorized trades a day over a two-year period, according to the FSA. Over a one- year period from 2006 to 2007, he placed 1,404 foreign-exchange trades with values of $11.3 billion, 4.3 billion pounds, 1.9 billion euros ($2.5 billion), 109 billion Japanese yen ($1.4 billion), and 1.1 billion Swiss franc ($1.1 billion), the regulator said in court documents.
The trades were discovered after a UBS whistle-blower reported a $5,000 transfer from a customer account to Karpe’s personal bank account in 2007, the FSA said. The bank began a review that led to Karpe being fired in early 2008.
Certain Weaknesses
A UBS spokesman said the bank has “acknowledged that there were weaknesses in certain aspects of Wealth Management U.K.’s control environment.”
Karpe is also accused of using one of the bank’s accounts “to route internal transfers between client accounts to conceal the identity of the transferor and transferee accounts.”
There was “a defective system within the bank” that gave Karpe the ability to use the account “without much difficulty,” Blair said.
Laila Karan, a former client adviser on the desk who was fired for gross misconduct, is also a defendant in the case. The FSA is seeking to fine her 90,000 pounds and ban her from working in the industry for not notifying the bank about Karpe’s actions.
‘Escalated’
“Karan was never an insider on Mr. Karpe’s activity,” her lawyer, Hodge Malek, told the tribunal. “She accepts that the little she did know she should have escalated.”
Another defendant who worked on the desk, Jaspreet Ahuja, will settle with the FSA, said Jonathan Crow, the regulator’s lawyer.
The regulator is also attempting to fine John Pottage, the former chief executive officer of the wealth management unit, 100,000 pounds ($156,000) for failing to prevent the unauthorized trades. Pottage, who is now a senior executive at the bank’s headquarters in Zurich, went to trial last month to challenge the regulator.
The case is an instance of risk-management failures at the bank, several years before Kweku Adoboli, a former trader in UBS’s investment bank, was charged with causing $2.3 billion in losses through unauthorized trading. Adoboli, who was charged with fraud and false accounting tied to the loss, may enter a plea at a London criminal court next week.
--Editors: Anthony Aarons, Christopher Scinta
To contact the reporter on this story: Lindsay Fortado in London at lfortado@bloomberg.net.
To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.
http://www.businessweek.com/news/2011-12-15/ex-ubs-trader-says-bank-had-no-unauthorized-trading-controls.html
XenaLives
12 years ago
Here is a blueprint off how UBSS helps the wealthy to launder money and steal from those not as privileged...
Sabah Chief Minister, Musa Aman, branded Sarawak Report maliciously motivated liars and implied we were master forgers, after we revealed financial documents showing that his nominee, Michael Chia, had laundered nearly a hundred million US dollars of timber kickbacks on his behalf.
However, we now challenge him to name the Swiss bank UBS AG liars as well, because their submissions to a current court case in Singapore confirm our evidence!
http://www.sarawakreport.org/2012/06/nailed-musas-lies-are-countered-by-swiss-ubs-bank-in-court-evidence/
Mechatronical
12 years ago
Is UBSS complicit in OTC naked shorting?
For the last couple of weeks UBSS has been sitting on GOSY's ask with 2,000,000 shares at $.0037 or less.
The purpose of that ask ceiling is to prevent GOSY's pps from moving up and forcing a massive naked short squeeze. It is a clear and intentional signal to other MM's that any upward movement of GOSY's pps due to "good news" will be thwarted. This is, imho, deliberate complicity by UBSS to artificially hold an OTC stock price down using their offshore relationships to hide the identities of those directing these manipulations.
Isn't that more unethical behaviors such as UBS hiding client identities and their funds from the IRS in order for their anonymouse clients to evade US taxes?
When GOSY's CEO complained to UBS's Chief Compliance Officer, Frederic Greenbaum, UBSS moved their ask down to $.003.
When GOSY's CEO complained again to Greenbaum, again, UBSS moved their ask down to $.0025.
When GOSY's CEO complained to UBS's Chief Counsel, Jonathan Eisenburg, regarding this obvious manipulation of GOSY stock and it being in violation of UBS's "Code of Conduct" and asked for an appropriate point of contact, Eisenburg referred GOSY's CEO back to the very people --as appropriate contacts for ethics code violations-- that GOSY was wishing to report as violating UBS's Code of Conduct!
That is unethical on the face of it! Code of Business Conduct and Ethics of UBS
The "Code of Business Conduct and Ethics of UBS" sets out the principles and practices that UBS expects all of its employees and directors to follow unreservedly both in letter and in spirit. The principles and standards set out in the Code should characterise all of UBS's business activities and all its dealings with the firm's stakeholders including clients, colleagues, shareholders, regulators and business partners. It is the basis for all UBS policies, guidelines and statements relating to each of the firm's employees' personal commitment to appropriate and responsible corporate behaviour.
http://www.ubs.com/global/en/about_ubs/about_us/code_of_conduct.html So it would seem that UBS's "Code of Conduct" is meaningless and a deliberate attempt to convey that UBS is "cleaning up its act," when the reality is that UBS US Chief Counsel, Eisenberg, has chosen to participate in this now apparent coverup of UBS using their offshore brokerages and affiliations to naked short OTC stocks such as GOSY.
Has anyone else seen similiar behavior by UBS regarding OTC stocks that they follow?
mech66
P.S. Here's still more on UBS's unethical activities: UBSS has manipulated the hell out of this thing today.
Throwing up that 750,000 wall on the ask got everyone
scared and they started selling.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=76756973 UBSS started the heavy selling with its 142k offer at .70
midday. The stock prior to UBSS offering was starting to
pick up.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=72646992 Unauthorized trading incident
On 15 September 2011, UBS announced that it had discovered unauthorized trading by a trader in its Investment Bank in London, which could cause UBS to report a loss for the third quarter of 2011. In a follow-up announcement on 18 September 2011, UBS gave more details and background on the incident. The trader took unauthorized, speculative positions concealed by the booking of fictitious, offsetting trades, so the violation of UBS's risks limits could not be detected. The loss resulting from the incident is USD 2.3 billion.
http://www.ubs.com/global/en/about_ubs/media/global/unauthorized_trading_incident.html Internal Message from Sergio P. Ermotti about the unauthorized trading incident trial 4 September 2012
Dear colleagues,
From 10 September 2012, the trial in connection with the unauthorized trading incident will begin in London. As you may know, these trading activities in 2011 led to a loss of over two billion US dollars at the Investment Bank.
It is important to note that UBS is not a party in the trial, and there is only one defendant in the dock. However, given how serious the consequences of the incident were, we must assume that UBS’s culture and practices will be examined during the course of the trial. This is, to a certain extent, understandable.
Today I wish to remind you of what I already stated at our Annual General Meeting earlier this year. We have improved internal monitoring and controls to ensure that something like this does not recur, or if it does, to ensure that it is detected and dealt with swiftly. We have taken appropriate disciplinary action against staff who did not uphold the high standards we expect. And we have also addressed the deficiencies in our internal control system for financial reporting, as we confirmed in our first-quarter report.
As uncomfortable as the entire trial will be for UBS, it will show us what the consequences are when misconduct occurs or when individuals do not take their responsibilities seriously. Misconduct also includes turning a blind eye, that is, failing to intervene when there are irregularities or failing to escalate concerns, however minor these may seem. Such behavior is unacceptable. Amidst all the progress that we have made since this incident, we must never forget that our reputation is more important than anything else and that every one of us is a guardian of that reputation.
During the entire duration of the proceedings, we will do our utmost to keep you informed about new developments and our position on them as quickly as we can. Even if the trial involves a high degree of media attention, it is important to stay calm and objective and to avoid comment in order not to jeopardize the trial. You should be aware that English law imposes strict restrictions on what can be said about ongoing proceedings.
We have been absolutely determined to learn from this incident and I am aware that you may have been embarrassed by this episode. However, it’s important that you do not allow others to put you down or let this incident detract from your many achievements. The details that will come to light during the trial concern the past and we should look to the future. We have made substantial progress over the past year, building up an industry-leading capital position that makes UBS one of the most financially sound firms in the world.
Please convey these messages (refer to the available documents) in discussions with your clients, family and friends. You have every right to be proud of what we have accomplished.
Thank you for your support.
Sergio P. Ermotti
http://www.ubs.com/global/en/about_ubs/media/global/unauthorized_trading_incident/2012-09-04-internal-message-ermotti.popup.html
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