UBS offers to buy back certain outstanding tier 2 and senior bonds for cash up to approximately CHF 2.15 billion.
Preliminary results for 2Q 2013; UBS reaches agreement in principle to settle industry litigation with FHFA for RMBS offerings
UBS announces preliminary results for second quarter 2013 reflecting significant progress in the execution of its strategy. UBS reaches agreement in principle to settle litigation with FHFA for RMBS offerings between 2004 and 2007
Zurich/Basel, 30 October 2012 – Today, UBS announced a significant acceleration in the implementation of its strategy to transform the firm and create the UBS of the future. Building on the progress it has made in the last 12 months, UBS will achieve this transformation by further sharpening its focus in the Investment Bank. By concentrating on its traditional strengths in advisory, research, equities, FX and precious metals and by exiting business lines, predominantly those in fixed income that have been rendered uneconomical by changes in regulation and market developments, UBS will reduce costs significantly while driving further efficiencies across the Group more rapidly. By 2015, UBS is likely to have a headcount of around 54,000. As a result of these actions UBS will be unique in the banking industry – it will be less capital and balance-sheet intensive, highly cash flow generative, more focused on serving its clients and capable of maximizing value for its employees and shareholders.
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