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UBS places restrictions on new hires in effort to cut costs

May 1, 2019

UBS Group AG is telling executives in its large wealth management business to be more selective when hiring bankers as it seeks to cut costs following a challenging first quarter, according to people familiar with the matter. The bank has introduced...

UBS merges two divisions in pursuit of ultra-rich clients

April 25, 2019

UBS Group AG is starting a new venture at its U.S. operation, marrying its wealth-management unit and investment bank to capture more deals and trading activity among its ultra-rich clients. The move will merge capital-markets teams across wealth...

UBS considers sale, acquisition and other options for its asset management business

April 3, 2019

UBS Group AG is evaluating options for its asset management unit, including a partial sale or merger of the business, according to people with knowledge of the matter. The Swiss bank has considered seeking to acquire Deutsche Bank AG's asset...

Female bankers take lead as financial companies target China's wealthiest

March 28, 2019

Amy Lo manages money for some of the richest people in China. She has an expanding clientele, as new billionaires turn up weekly in China. Ms. Lo in January started co-managing UBS Group AG's private banking business in the world's fastest-growing...

UBS feels the pain from spooked billionaires

March 20, 2019

UBS Group AG Chief Executive Officer Sergio Ermotti delivered a catalog of bad news on the first-quarter performance on Wednesday. That the world's largest wealth manager is also prone to revenue swings was probably the most alarming. Describing...

UBS confronts 'one of the worst' Q1 environments in recent history

March 20, 2019

UBS Group AG Chief Executive Officer Sergio Ermotti gave the most decisive verdict yet on the difficult markets faced by Europe's investment banks, describing conditions as the toughest in years. UBS will slow down hiring and deepen cost cuts...

Millennial women take back seat when it comes to their own finances, UBS survey says

March 6, 2019

Marielle Schurig spoke to a group of women at a wellness event at Lululemon Athletica Inc.'s store in New York's Flatiron district, after they'd sweat it out together in a yoga and circuit-training class. Following her remarks, attendees lined...

UBS prepares for impact of massive $5 billion fine

February 22, 2019

UBS Group AG Chief Executive Officer Sergio Ermotti said the bank will prioritize protecting its dividends if it can't get out of paying a massive fine imposed in a French tax-evasion case. "We need to consider our business outlook, including...

UBS at risk after $5 billion surprise penalty

February 20, 2019

UBS Group AG's decision to fight a tax case in France, rather than settle it, led to a nasty surprise. Switzerland's biggest bank was ordered to pay more than $5 billion Wednesday over a tax-evasion case in France — matching what was sought...

UBS eschews $6 billion settlement in French tax investigation

February 19, 2019

It's UBS Group AG's $6 billion gamble, but the risk extends far. The Swiss lender eschewed a settlement in a French tax investigation after failing to agree on an amount, exposing it to in-court demands from the state and prosecutors. Paris...

UBS gets ultra-high-net-worth and family office clients to invest in Times Square tower

December 13, 2018

A major Times Square development has secured more than $780 million in new equity, including about $400 million from UBS Group AG's ultra-high-net-worth and family office clients. Construction on the 46-story tower at 1568 Broadway known as...

Wall Street banks parse US data in search of recession signs

December 10, 2018

Wall Street's biggest banks are scouring U.S. data for signals of an impending recession. On balance, they've been finding that a 2019 downturn still isn't likely — though it's becoming slightly more so. The current expansion is eight months...

UBS names new head of US wealth unit, seeks to capture more American billionaires

December 10, 2018

UBS Group AG is promoting a long-time executive in the U.S. as it seeks to expand in the region and offer ultra-rich clients more bespoke investments. Jason Chandler will become head of wealth management in the U.S. after more than two decades...

A mastermind of survival, Credit Suisse CEO must now jump-start a turnaround

December 7, 2018

Tidjane Thiam is still standing. By simply surviving as chief of Credit Suisse Group AG, the Ivory Coast-born trained engineer has done what more experienced bankers couldn't in trying to fix Europe's troubled banks. With a restructuring plan...

UBS reaches last leg of two largest court battles

November 9, 2018

UBS Group AG's two biggest legal cases in years are entering the final stretch in a test of CEO Sergio Ermotti's strategy of taking on French and U.S. authorities. The Swiss bank was hit with a long-expected U.S. fraud lawsuit that accused it...

Star broker, now at Morgan Stanley, alleges sexual discrimination at UBS

September 7, 2018

Christine Carona was a star broker at UBS Group AG. In the Boston office, she managed more than $300 million and was a member of the President's Council, an elite club for top producers. So it was headline news in the trade press when Morgan...

Former hedge funder seeks to improve ESG investing

August 28, 2018

It's an age-old investing question. Can you do good and do well at the same time? Ethan Powell is on a mission to prove that you can. The 43-year-old former hedge funder is using his non-profit finance firm, Impact Shares Corp., to create a...

UBS wealth management profits up 16% in latest quarter

July 24, 2018

UBS Group AG said on Tuesday that its wealth management business in the U.S. and Latin America produced a pretax profit of $391.6 million over the three months ended in June, an increase of 16% compared with the same quarter a year ago. The...

UBS report reveals most expensive cities in the world

July 12, 2018

Looking for a cheap meal? Best to steer clear of Geneva. The Swiss city is the most expensive in the world for food, according to UBS Group AG's Prices and Earnings report for 2018, a survey ranking global city prices, earning levels, purchasing...

BlackRock expands risk analytics tool to wealth managers overseeing billions in assets

June 12, 2018

Almost three decades ago, BlackRock Inc. created software to obsessively monitor the then-fledgling firm's financial risks. Now, after turning it into an essential tool on Wall Street, the firm is zeroing in on another kind of client: financial...

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