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Stock Market & Financial Investment News

News Breaks
February 12, 2013
06:23 EDTUBS, AIGUBS fined GBP9.45M for failings in sale of an AIG fund
The Financial Services Authority has fined UBS AG (UBS) for failures in the sale of the AIG Enhanced Variable Rate Fund (AIG). These failures led to UBS customers being exposed to an unacceptable risk of an unsuitable sale of the Fund. UBS also failed to deal properly with complaints from customers about sales of the Fund. UBS agreed to settle at an early stage entitling it to a 30% discount on its fine. Were it not for this discount, the FSA would have imposed a financial penalty of GBP13.5M on UBS. Reference Link
News For UBS;AIG From The Last 14 Days
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July 24, 2014
06:41 EDTUBSFrance initiates formal probe of UBS, NY Times says
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July 23, 2014
07:14 EDTUBSUBS hires Edgar, Whitcher to beef-up investment banking team, Reuters says
UBS has named Craig Edgar as the new managing director and sector head of the company's power investment banking team and David Whitcher will be joining the firm as managing director of the unit, according to Reuters, citing an internal memo. UBS made the appointments in an effort to grow its America's power investment banking practice. Reference Link
July 22, 2014
06:43 EDTAIGMalaysia Airlines incidents rattle insurance market, NY Times says
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July 21, 2014
07:29 EDTAIGAIG settlement with BofA takes crisis claw back total up to $2B, FT says
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July 17, 2014
10:00 EDTAIGOn The Fly: Analyst Initiation Summary
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06:49 EDTAIGAIG initiated with an Outperform at RBC Capital
Target $64.
06:38 EDTUBSStudy says UBS largest private bank with assets near $2T, Reuters says
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06:34 EDTUBSBlackRock sells $3.7B of UBS securities to Credit Suisse, Bloomberg says
Blackrock (BLK) sold $3.7B of the $22B of securities it purchased six years ago from UBS (UBS) to Credit Suisse (CS) in yesterday’s auction of mostly subprime-mortgage bonds, according to Bloomberg, citing a person with knowledge of the transaction. Reference Link
July 16, 2014
07:04 EDTAIGAIG to receive $650M in cash in Bank of America settlement
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07:02 EDTAIGAIG announces settlement with BofA on residential mortgage related disputes
American International Group (AIG) announced that it has reached a global resolution of its residential mortgage related disputes with Bank of America (BAC). The resolution includes its claims pending in New York and California federal courts related to the creation, offering, and sale of RMBS from which AIG and its subsidiaries suffered losses either directly on their own account or in connection with their participation in AIG’s securities lending program. The resolution also covers AIG’s objections to the $8.5 billion settlement of Countrywide’s mortgage repurchase obligations to various investors, as well as disputes concerning the issuance of mortgage guaranty insurance by AIG’s United Guaranty subsidiaries to Bank of America and Countrywide. Under the terms of the settlement, AIG will receive $650M in cash plus its pro rata share of whatever amount is ultimately paid out to investors in connection with the Countrywide repurchase settlement. In addition, the parties have agreed, subject to the approval of Fannie Mae, Freddie Mac and certain other mortgage holders, to resolve the outstanding mortgage guaranty claims disputes in accordance with agreed-to claims processes and payment formulae.
07:01 EDTAIGAIG announces settlement with BofA on residential mortgage related disputes
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July 10, 2014
07:08 EDTUBSECB keeps tight grip on banks with health check results, Reuters says
The European Central Bank is targeting to keep a tight grip banks in the final phase of a balance sheet health check in October, giving them only 48 hours to review the test results before publishing them, according to Reuters, citing two people familiar with the matter. The assessment will look into banks’ balance sheets and measure their ability to handle shock and stress. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS).
06:21 EDTUBSJPMorgan appoints Li as new China head, Reuters says
JPMorgan Chase (JPM) said it has appointed former UBS (UBS) banker David Li as the new head of its China division to replace top China banker Fang Fang who left the firm in March, according to Reuters, citing a statement from the U.S. company. Reference Link

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