Banks, Ubs | featured news

The new head of UBS's investment bank Andrea Orcel received a $26m (£17m; 20m euros) "golden hello" in 2012, the bank's annual report has revealed. Mr Orcel is in the process of overhauling the investment business, with 2,000 job losses expected.

The Swiss financial giant UBS is close to finalizing a settlement with authorities over the manipulation of interest rates, a deal that is expected to include at least $1 billion in fines.

UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis.

UBS is sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result, people familiar with the matter told CNBC.

The head of Swiss banking giant UBS Oswald J. Gruebel has resigned in the wake of a $2.3 billion loss in unauthorized trading, the bank announced Saturday.

While UBS CEO Oswald Gruebel battled to keep the Swiss bank's investment arm and save his job, the trader accused of unauthorized deals that lost the bank $2.3 billion said he was "sorry beyond words."

Swiss banking giant UBS said Thursday that a rogue trader has caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades. Police in London said they arrested a 31-year-old UBS trader, Kweku Adoboli, in the alleged fraud. UBS declined to confirm his name.

The trustee seeking to recover money for defrauded Bernard Madoff investors has sued UBS  and others for more than $2 billion, accusing them of collaborating in the Ponzi scheme.

U.S. has been seeking data on depositors suspected of using UBS bank accounts to hide cash from IRS.

The government said it would seize the bank’s client data, which U.S. authorities have demanded to settle a tax case.