UBS Group AG (UBS.N) Key Developments | Reuters.com
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UBS Group AG (UBS.N)

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1 Jul 2016
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Latest Key Developments (Source: Significant Developments)

French prosecution seeks tax fraud trial against Swiss bank UBS- AFP
Monday, 27 Jun 2016 11:49am EDT 

: French prosecution seeks tax fraud trial against Swiss bank UBS - AFP Further company coverage: [UBSG.S] (Bengaluru Newsroom: +1 646 223 8780).  Full Article

UBS says Paul Donovan to join as global chief economist in wealth management
Thursday, 2 Jun 2016 03:04am EDT 

UBS Group : Paul Donovan to join UBS wealth management as global chief economist Further company coverage: [UBSG.S] (Reporting by Zurich Newsroom) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)).  Full Article

Ezcorp Q2 loss per share $1.33 from continuing operations
Monday, 9 May 2016 07:32pm EDT 

Ezcorp Inc : Says completed strategic review of Grupo Finmart announced in February 2016 . Have concluded that a sale of Grupo Finmart is preferred alternative and have commenced a process to solicit proposals from interested buyers . Says UBS investment bank, which has been assisting in strategic review, is running sale process for Grupo Finmart . Ezcorp announces second quarter fiscal 2016 results . Q2 loss per share $1.33 from continuing operations . Q2 revenue $201.9 million .Q2 earnings per share view $-0.07 -- Thomson Reuters I/B/E/S.  Full Article

UBS Group AG to revamp wealth management business - FT - Reuters News
Thursday, 28 Apr 2016 01:53pm EDT 

UBS Group AG:Swiss bank UBS is planning to merge large parts of the back and middle-office functions at its wealth management business, resulting in workforce reduction, the Financial Times reported, citing people familiar with the plans.The move, which is expected to save UBS several hundred million francs, is expected to be announced next Tuesday, the FT reported.The initial stage of the restructuring, which includes the wealth management unit moving to common information technology systems and shared support facilities, are expected to eliminate several hundred jobs, according to the report. UBS declined to comment.People familiar with the matter insisted that the move was not a response to the weakness in the division's performance, the report added.  Full Article

EX-UBS Group AG trader in 'Cartel' said to help U.S. in currency probe - Bloomberg
Friday, 22 Apr 2016 06:55pm EDT 

UBS Group AG:A currency trader from the Cartel chatroom, the instant-messaging group the U.S. government named in wringing guilty pleas from 5 global banks, has been helping prosecutors who are trying to build foreign-exchange manipulation cases against individuals - Bloomberg.The cooperator, they said, is Matt Gardiner, a former UBS Group AG trader known in the chatroom as Fossil.U.S. officials are confident they will be able to charge individuals over currency-rate manipulation, possibly as soon as this summer, a third person said.Announcing the bank convictions in May 2015, the U.S. said traders working for the institutions, UBS, JPMorgan Chase & Co., Citigroup Inc., Royal Bank of Scotland Group Plc and Barclays Plc, had conspired in the instant-messaging group, which participants also referred to as the Mafia.Though the Justice Department said individual charges were likely in the matter, a year has passed without further action.Time may be running short to bring a case under the Obama administration and Justice Department leadership that has stressed the importance of holding individuals accountable for corporate crime.Last month, prosecutors in the U.K. dropped their own pursuit of individuals in the matter, saying there wasn’t enough evidence.An attorney for Gardiner declined to comment. A Justice Department spokesman declined to comment.  Full Article

UBS Group AG - Deutsche Bank AG to settle U.S. silver price-fixing litigation - Reuters News
Wednesday, 13 Apr 2016 07:01pm EDT 

UBS Group AG:Deutsche Bank AG has agreed to settle U.S. litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors, a court filing on Wednesday showed - RTRS.Terms were not disclosed, but the accord will include a monetary payment by the German bank, a letter filed in Manhattan federal court by lawyers for the investors said.Deutsche Bank has signed a binding settlement term sheet, and is negotiating a formal settlement agreement to be submitted for approval by U.S. District Judge Valerie Caproni, who oversees the litigation.A Deutsche Bank spokeswoman declined to comment. Lawyers for the investors did not immediately respond to requests for comment.Investors accused Deutsche Bank, HSBC and ScotiaBank of abusing their power as three of the largest silver bullion banks to dictate the price of silver through a secret, once-a-day meeting known as the Silver Fix.According to the lawsuit, the defendants distorted prices on the roughly $30 billion of silver and silver financial instruments traded annually, violating U.S. antitrust law. UBS AG UBSG.S was also named as a defendant.Investors accused the Swiss bank of conspiring to exploit the Silver Fix, though it did not help set the benchmark.Spokesmen for HSBC and ScotiaBank declined to comment, saying they could not discuss pending litigation. A spokeswoman for UBS did not immediately respond to requests for comment.  Full Article

UBS Group AG - Swiss banks face scrutiny over Panama Papers - Reuters News
Sunday, 10 Apr 2016 03:42am EDT 

UBS Group AG:Switzerland is stepping up scrutiny of its banks in response to the Panama Papers which have prompted a global outcry over allegations of tax avoidance."We want to know which banks have used the services of the Panamanian firm and whether Swiss laws were broken," said Thomas Bauer, president of Swiss financial watchdog FINMA.Switzerland is the world's largest centre for offshore wealth, with Boston Consulting Group estimating that around $2.5 trillion in foreign assets was kept with the country's banks in 2014.FINMA signalled a crackdown on money laundering on Wednesday and is now calling for authorities around the globe to set standards that would prevent abuse.Branches of Swiss lenders including UBS and Credit Suisse were mentioned in the leaked documents as being among the main banks that requested offshore companies for clients. Both banks have denied wrongdoing in connection with the practice.  Full Article

UBS Group AG - UBS Being Investigated For Sidling Up To Belgian Customers And Asking If They Were Interested In Some Candy Avoiding Taxes - DEALBK
Tuesday, 1 Mar 2016 05:03am EST 

UBS Group AG:A Belgian magistrate judge is investigating whether the Swiss bank UBS engaged in fraud, money laundering and other crimes in an effort to help wealthy individuals avoid taxes, the Brussels prosecutor's office said on Friday. - DEALBK.UBS is suspected of having directly approached Belgian customers, without going through its Belgian subsidiary, to encourage clients to engage in transactions meant to evade taxes. UBS acknowledged the inquiry, but it said little more.  Full Article

UBS Group AG - UBS, others reach $103 million muni bond rigging settlements - Reuters
Wednesday, 24 Feb 2016 10:38pm EST 

UBS Group AG:UBS AG and five other banks and brokerages agreed to pay roughly $103 million to settle claims that they conspired to rig prices for U.S. municipal securities.Wednesday's accords include payments of $100.5 million to investors. Two of the defendants, France's Natixis SA and Societe Generale, also agreed to pay $2.8 million to resolve related claims by 21 U.S. states and Washington, D.C.If approved by a federal judge, the private settlements would end nearly eight years of class action litigation, and result in more than $226 million of payouts from 11 defendants, led by $44.6 million from JPMorgan Chase & Co.Several banks have during that time also agreed to pay more than $740 million, led by JPMorgan's $228 million, to resolve related probes by the U.S. Department of Justice and state regulators. At least 17 people were convicted or pleaded guilty, the Justice Department has said.Wednesday's private settlements included $32 mln with UBS, $28.45 mln with Natixis, $25.41 mln with Societe Generale, $9.75 mln with Piper Jaffray Cos, $3.5 mln with Royal Bank of Scotland Group Plc's National Westminster Bank, and $1.4 mln with George K. Baum & Co, court papers show.Other defendants that have settled with investors and regulators are Wells Fargo & Co WFC.N, Bank of America Corp BAC.N and General Electric Co GE.N, UBS has also settled with regulators, and Morgan Stanley MS.N with investors.  Full Article

UBS Group AG looks to address gender gap in pay review -sources - Reuters
Wednesday, 10 Feb 2016 07:28am EST 

UBS Group AG:UBS AG is looking at the relative pay of men and women in its investment banking arm as part of its compensation review, and is taking steps to close any significant gaps, sources familiar with the matter said. - RTRS.The move comes as UBS, along with other Wall Street banks, looks to curb the high number of female employees who leave.Reuters reported on Tuesday that the Swiss bank was freezing pay across its investment bank, pending a review in the second quarter of the year.That will include a look at the role diversity plays in the bank, amongst other factors including market volatility, the geographical spread of staff, and performance, sources said.UBS managers are being instructed to ensure that female employees are paid in line with male counterparts, and to make sure any discrepancies are addressed, the sources said, speaking on condition of anonymity.The push also extends to hiring a greater number of female employees, the people added. A UBS spokesman declined to comment on the bank's compensation strategy.Around 38 percent of the bank's employees are women, according to the UBS website.  Full Article

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UBS hedge fund unit hires from GLG, Citadel, Point72

NEW YORK Swiss bank UBS Group is expanding an internal hedge fund under new chief investment officer Kevin Russell.