US Justice Department Plans annulling pact protecting UBS Group from Prosecution

US Justice Department Plans annulling pact protecting UBS Group from Prosecution

The US Justice Department is planning to reverse its agreement not to prosecute UBS Group AG for rigging benchmark interest rates, Bloomberg reported, citing a person familiar with the matter.

A Justice Department officials said in March that banks that have non-prosecution agreements over failures to police transactions for criminal activity could see those deals withdrawn.

Swiss bank UBS, along with four other main banking units, was expected to plead guilty to US criminal charges over the manipulation of foreign exchanges rates, people familiar with the issue told on Monday.

JPMorgan Chase & Co Citigroup, British banks Royal Bank of Scotland and Barclays, and UBS had been expected to resolve forex-rigging investigations by the U. S. Justice Department later this month.

UBS in Advance Talks With US Department of Justice to Settle Foreign Exchange Allegations

UBS in Advance Talks With US Department of Justice to Settle Foreign Exchange

Swiss financial services giant UBS said that it is in advanced talks with the US Department of justice to settle allegations that it attempted to rig foreign exchange markets.

The Zurich headquartered bank has been investigated in the US and around the world for possible market manipulations.

It has been told that UBS has already suspended at least five traders in relation to the allegations.

The current UBS allocations to cover settlements with the Departments of Justice and other authorities are adequate, said UBS in its quarterly results.

It reported a pre-tax profit of 1.98bn Swiss francs for the first three months of the year, more than double for the same period last year and beating analysts' expectations'.

Black money: Make requests that are 'justified', Swiss banks tells India

UBSNew Delhi/Zurich: As India steps up pressure on Swiss authorities in its pursuit of alleged black money, banks in Switzerland say they follow strict rules and the requests from Indian authorities must be "properly justified".

The Association of Foreign Banks in Switzerland, an over four-decade old grouping, is also of the view that a clear and transparent policy can help in dispelling "apprehensions" and the "conjectures" should not be allowed to dominate the public opinion.

To bring back illicit money stashed away overseas, India has recently made a fresh request to Switzerland to seek bank details of such entities.

Two big banks have 2/3rd of all Swiss money of Indians

UBS and Credit SuisseZurich/New Delhi: It is just two big banks -- UBS and Credit Suisse -- which appear to be accounting for almost two-third of the total money held by Indians in Swiss banking system, known for their famed secrecy walls.

According to the latest official data disclosed by Switzerland's central banking authority SNB (Swiss National Bank), Indians' money in Swiss banks rose by 43 per cent last year to 2.03 billion Swiss francs (nearly Rs
14,000 crore), despite growing global pressure on Switzerland to share client details of their banks.

iGate to manage data services of UBS

iGate to manage data services of UBSBangalore, Nov 6 : Leading integrated technology and operations firm iGate Corporation Wednesday announced it has secured a multi-year contract to manage data services of the global financial services firm UBS AG.

"The deal envisages UBS migrating to a globally managed service for instrument data mastering across asset classes, using Markit enterprise data management platform and transforming its operations using our framework," the US-based company said in a statement here.

Hayes appears in court on Libor rigging charges

Hayes appears in court on Libor rigging chargesThomas Hayes, the former UBS and Citigroup trader, has become the first banker to appear in the court in the massive Libor scandal involving several multi billion pound banks.

Hayes from Caterham in Surrey made an initial appearance at Westminster Magistrates' Court on Thursday only to give his name, date of birth and address. He is being accused of colliding with employees at seven banks and three interdealer brokers for attempting to manipulate yen-Libor interest rates.

HK regulators investigating UBS over new interest rate rigging scandal

HK regulators investigating UBS over new interest rate rigging scandalFinancial authorities in Hong Kong have said on Thursday that they are investigating Swiss bank UBS over possible wrongdoing related to the Asian financial centre's benchmark interest rate.

UBS to pay £940m fine for settling Libor claims

UBS to pay £940m fine for settling Libor claimsSwitzerland based bank, UBS will pay fine totaling £940 million or about US$1.53 billion in order to settle claims relating to Libor manipulations.

H regulators have said that the bank was involved in extensive and widespread attempts to manipulate Libor, the benchmark interest rates for five years. It is the latest development in the long standing rigging scandal that has tainted several global banks and exposes corrupt payments made by financial institutions.

UBS to organize 316 RBS branches as a new bank

UBS to organize 316 RBS branches as a new bankThe Royal Bank of Scotland has roped in Swiss bank, UBS to organize the formation of 316 RBS branches into a new high street bank following the withdrawal of Santander from a deal to sell the brnaches in the previous month.

UBS downgrades Indian shares

UBS downgrades Indian shares Global financial services major, UBS has announced its decision to downgrade Indian shares to "neutral" from "overweight" and pointed out that the country might see pressure from inflation and thus the authorities might not be in a favor of an aggressive rate cut.

UBS said that China is a relatively better investment destination as it is set to benefit from expected policy easing, a stable economy as well as better valuations for investors. On the other hand, it believes that the inflation might not fall significantly in the country and this there is not much possibility of an aggressive rate cut.

Rate cut signifies a turn in Indian monetary policy, says UBS

Rate cut signifies a turn in Indian monetary policy, says UBSGlobal giant, UBS has said that the 50 basis points cut in cash reserve ratio (CRR) announced by the Reserve Bank of India (RBI) on Tuesday signifies a turn in the Indian monetary policy.

UBS said in a note released on Tuesday that, "We believe it is time to add beta and turn less defensive on Indian stocks." The global bank increased rating for infrastructure stocks to overweight from underweight and real estate to overweight from neutral in India.

UBS earns its biggest profit in three years

UBSUBS has reported its biggest profit in the past three years. The company earned a net profit of £734 million as compared to last year's £345m. Earlier the bank earned a net loss to £1.65b in 2008.

Earlier the bank forecasted an operating profit of Swiss Franc 2.5billion (£1.5 billion) for the last quarter of 2010. The improvement has been attributed to buoyancy witnessed in the investment bank's debt trading unit. The said unit earned revenue of £1.4 billion in the quarter. They said that the fall in client's withdrawal helped them boost profit.

Asset outflow continues to trouble UBS unit

Asset outflow continues to trouble UBS unitProblems rise further for one of the World's biggest providers of wealth management services UBS AG's Wealth Management Americas unit as clients continue to withdraw assets for the third straight quarter.

The financial services player witnessed an outflow of a total of $11.6 billion in the last quarter of financial year 2009. Majority of the damage came from the US, where clients withdrew $10.5 billion. The cause for the same is supposedly the dent its image sustained after its clash with the country's tax department on the issue of the bank's secrecy.

UBS shares up after deal, government profits on bank exit

UBS shares up after deal, government profits on bank exit Geneva  - Shares in UBS AG closed up Thursday on the Zurich exchange, a day after it was announced the bank would divulge information to US tax authorities on 4,450 accounts and the Swiss government said it would exit its investment in the bank.

The stock closed at 17.50 francs, up 4.54 per cent on the day.

The Swiss government, meanwhile, exited its investment in the bank, selling off the roughly 9-per-cent stake in UBS it obtained last year as part of a bailout for the troubled institution.

UBS, US file to postpone client data case

UBS, US file to postpone client data case Geneva - The United States authorities and the Swiss bank UBS have filed a request Sunday to have their court case on client data postponed to allow for further negotiations, Swiss media reported.

The motion to delay the proceedings until August - if no agreement was reached - was filed as the clock ticked down to the start of the trial at 1300 GMT Monday in Miami, Florida.

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