Hedge fund superstar Daniel Och has placed a $12 billion bet on the stock market. His wager? That large caps will soon be rocked by dramatic price swings.
Says brokerage unit put conservative clients in unsuitable instruments; bank must pony up nearly $2M in reimbursements
Nearly ten percent mulling a change; hard to cross-sell to a closed-out account
Can new UBS boss Sergio Ermotti turn things around at the misfiring bank? To do so, he must reshape the Swiss giant's i-bank unit. And he must do this while convincing clients of the wealth management unit to stay following the bank's latest PR disaster. | <a href=http://www.investmentnews.com/article/20110923/FREE/110929957>RJ boss would love for UBS to sell wealth management group</a> | <a href=http://www.investmentnews.com/apps/pbcs.dll/gallery?Site=CI&Date=20110616&Category=FREE&ArtNo=616009999&Ref=PH&Params=Itemnr=6> How clients rate UBS</a>
Sources say UBS' $2B trading loss may have been caused by an employee's failure to hedge the currency risks of an exchange-traded fund. If so, expect heightened regulatory scrutiny of ETFs.
More tribulations at UBS, as unauthorized trading has left the bank with a big hole in its balance sheet. How big? The company says the loss could reach $2B -- and may turn a third-quarter profit into a loss. Says one analyst: 'This could be a critical tipping point.'
Firings of Krawcheck, Price gives embattled CEO more breathing room to turn things around; 'in the line of fire'
Aristocracy of banking would have likely gone down the tubes without previously undisclosed Fed money; 'whopping numbers'
Package containing two CDs arrives at NY state tax facility -- minus the CDs; data included SSNs, names of investors in tax-exempt bonds
Bank aims to attract clients by requiring lower minimums on investable assets than rivals
