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Stock Market & Financial Investment News

News Breaks
June 6, 2014
06:33 EDTUBS, CSSwiss banks given more time to hand over information to DOJ, WSJ reports
Some Swiss banks that may have helped wealthy Americans hide assets have been given an extra month to hand over information to the Justice Department about their activities, the Wall Street Journal reports. The banks now have until July 31 to provide information about their U.S. client businesses. Reference Link
News For UBS;CS From The Last 14 Days
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July 30, 2015
06:55 EDTUBSBanks pitch total-return swaps as stock purchase alternative, WSJ reports
Banks have been pitching certain hedge fund clients on using derivatives instead of actual stocks when placing certain bets in an effort to lessen the impact of new capital rules on the banks' businesses, the Wall Street Journal reports, citing people familiar with the efforts. The shift involves derivatives known as total-return swaps that mirror the effects of owning a stock or other asset, the report says. Units of Bank of America (BAC), Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan Stanley (MS), and UBS (UBS) are among the banks asking clients to shift trades into total-return swaps instead of underlying securities, the report says. Reference Link
06:25 EDTCSSamson Resources plans to file for bankruptcy protection, NY Post reports
Samson Resources plans to file for bankruptcy protection "within days," the New York Post reports. KKR (KKR) is slated to lose its approximately $2B investment in the firm, the report says. Cerberus Capital Management, Silver Point Capital, and Credit Suisse (CS) are among the second-lien lenders that hold roughly $1B in debt and will take over Samson in exchange for their loans as part of a prepackaged bankruptcy, the report says. Reference Link
July 27, 2015
10:29 EDTCSCase against Credit Suisse over 'dark pools' prepped by NY AG, Fox Business says
New York Attorney General Eric Schneiderman is readying to bring a civil case against Credit Suisse over high-frequency trading abuses through its Crossfinder “dark pools,” according to Fox Business' Charlie Gasparino. Reference Link
06:44 EDTUBSUBS says U.S.-based brokerage business not for sale, Reuters reports
UBS CEO Sergio Ermotti told analysts following the company's Q2 results that its U.S-based brokerage business, which posted a 6% decline in Q2 profit before tax, is not up for sale, Reuters reports. UBS formed the unit when it bought PaineWebber in 2000, and Ermotti says the unit is "critical" to the bank's overall private banking strategy. Reference Link
05:49 EDTUBSUBS reports Q2 EPS CHF 0.32 vs. CHF 0.21 last year
Reports Q2 adjusted profit before tax CHF 1.6B. Reports Q2 CET1 capital ratio 14.4%. Reports Q2 total book value per share CHF 13.71.
July 26, 2015
20:42 EDTUBSUBS to report 25% growth in Q2 profits, Reuters says
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July 24, 2015
06:25 EDTUBSUBS steps back from Puerto Rico bond funds, Reuters reports
UBS is backing away from its Puerto Rico bond funds, telling clients that they can no longer use them as collateral for some loans after Puerto Rico's financial troubles resulted in major credit agency downgrades, Reuters reports, citing a July 13 letter to clients. UBS' Puerto Rico unit said it will contact investors to discuss alternative options, the report says. Reference Link
July 23, 2015
05:47 EDTCSCredit Suisse reports Q2 EPS CHF 0.61 vs. (CHF 0.45) last year
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July 22, 2015
09:59 EDTCSCredit Suisse CEO considers possible acquisition, FT reports
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