Oswald Gruebel resigned on Saturday as chief executive of troubled Swiss bank UBS, saying he took the blame for the $2.3 billion loss run up in alleged rogue trading in its investment banking division.
Obviously, the pressure got to him and he made a sudden turnabout.
Europe's banks face a capital hole of at least 200 billion euros ($404 billion) if Greece forces them to slash the value of its debt and other troubled euro-zone countries like Italy and Ireland follow suit.
UBS CEO Oswald Gruebel will ask the board of the Swiss financial giant to back his leadership and keep its investment bank after a $2.3 billion loss blamed on a rogue trader piled pressure on him to scale back or even split off the division.
UBS CEO Oswald Gruebel will stress to the board of directors that he wants the investment bank to remain part of Swiss bank's "integrated banking model" in meetings on Thursday and Friday, sources said, after rogue trading cost the bank $2.3 billion.
The top pre-market NASDAQ Stock Market gainers are: Universal Display, ARM Holdings, Momenta Pharmaceuticals, Micron Technology, Sina, and Apple. The top pre-market NASDAQ Stock Market losers are: Mellanox Technologies, Logitech International, Netflix, ASML Holding, and Teva Pharmaceutical Industries.
UBS AG Chief Executive Oswald Gruebel will seek a vote of confidence at a board meeting in Singapore for plans to slash the investment banking division that caused a $2.3 billion loss due to unauthorized trading, a Swiss newspaper reported on Tuesday.
Volatility in equity markets is burning smart-money players, and even experienced traders are finding it hard to keep up.
Swiss bank, UBS AG, said it has suffered a $2 billion loss due to rogue trading and the London police arrested a 31-year-old man on suspicion of fraud.
Investors obviously applauded the move, sending Morgan Stanley shares up 7.2 percent in Thursday’s trading.
Fiat and Chrysler chief executive Sergio Marchionne said the euro single currency system could be derailed unless European leaders resolved the debt crisis.
Amazon.com Inc's agreement to start collecting sales tax in California next year may help brick and mortar rivals compete better on price with the world's largest Internet retailer.
Hitachi Ltd (6501.T) said on Thursday it has bought struggling California-based network storage company BlueArc Corp in an all-cash transaction after a five-year OEM partnership, in the latest such move to take advantage of the yen's strength.
AT&T must pay a hefty break-up fee to Deutsche Telekom, the owner of T-Mobile USA, the German company said. Last week, the U.S. Justice Department filed to block the $39 billion deal.
Hong Kong shares edged higher on Tuesday, as a late short covering rally helped snap a two-day losing streak, but strong gains in utilities names and low turnover suggest that investors remain skeptical the bounce can be sustained.
The Shanghai branch of British bank Barclays has won approval to become a trading member of the Shanghai Gold Exchange, the seventh foreign financial institute to obtain such membership, said the exchange on its Web site.
Slumping export demand slowed factory activity in some of Asia's biggest economies in August, although China fared better thanks to solid domestic growth, a series of surveys released on Thursday showed.
Gold and bonds surged on Tuesday and U.S. stocks rebounded in choppy trade as a recovery in risk appetite among some investors was countered by bearish economic news.
European shares gained in early trading Monday morning, tracking a late rally in Wall Street Friday, after Federal Reserve Chairman Ben Bernanke raised hopes for more economic stimulus.
Switzerland's banking industry may have to slash 10,000 jobs by the end of next year, particularly at Swiss subsidiaries of big foreign banks, Swiss newspaper SonntagsZeitung reported.
XCMG Construction Machinery Co Ltd (000425.SZ) is slated to start pre-marketing on September 5 for an up to $1.5 billion planned share listing in Hong Kong, IFR reported on Friday.
Moves by the Swiss National Bank to curb strength of the Swiss franc will fuel investors' insatiable demand for gold, adding to its relentless rise to new record highs as confidence in the franc as a safe store of value dwindles.
The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 1330 GMT on Monday:
Credit Suisse Group (CSGN.VX) will buy the nearly 50 percent stake it does not own of Brazilian investment fund Hedging-Griffo, which the Swiss bank will make its sole asset management platform in Latin America's biggest economy, a local newspaper reported on Monday.
Gold set a record high on Friday on safe-haven buying but commodities rebounded after the U.S. dollar plunged to a record low against Japan's currency on speculation authorities will not halt the yen's surge.