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Topic - Ubs
The city of Detroit has reached yet another tentative agreement to settle a pension debt with UBS and Bank of America Merrill Lynch and will file the $85 million plan within a few days in federal bankruptcy court, state-appointed emergency manager Kevyn Orr announced Monday.
The creator of Beanie Babies stuffed animals has agreed to pay a $53 million penalty after being accused of federal tax evasion for failing to report income he earned in a secret offshore bank account, his attorney and prosecutors said Wednesday.
One of Switzerland's signature industries, Swiss banking no longer has the same allure it once did and could be in for tough times in the years ahead, analysts say, as it struggles to cope with a changing regulatory environment in the wake of the global financial crisis.
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 proved vulnerable to unauthorized trades.