To strengthen the management structure of the firm, UBS announces three appointments to the Group Executive Board (GEB): Robert Wolf, Chairman and CEO, UBS Group Americas and President and Chief Operating Officer, Investment Bank; Alexander Wilmot-Sitwell, Joint Global Head, Investment Banking Department, UBS Investment Bank and Marten Hoekstra, Head of Wealth Management, Americas.
UBS will report a net loss attributable to shareholders of approximately CHF 4.4 billion for full-year 2007.
UBS has introduced measures to substantially strengthen its capital position,adding CHF 19.4 billion of BIS Tier 1 capital. These include an issue of CHF 13billion of new capital. This has been placed with two strategic investors:Government of Singapore Investment Corporation Pte. Ltd. (GIC), with CHF 11billion, and an undisclosed strategic investor in the Middle East with CHF 2 billion.At the same time, UBS has revised key input parameters of the models that areused to estimate lifetime default and resulting losses for sub-prime mortgagepools. As a result of these revisions, UBS will write down its US sub-primeholdings by approximately a further USD 10 billion.After these actions, UBS projects a strong BIS Tier 1 ratio of above 12%.
UBS re-confirms Group third quarter pre-tax loss in line with CHF 600 - 800 million range given on 1 October 2007UBS confirms the expected pre-tax loss and gives a business outlook for the fourth quarter.
UBS announced today that it has agreed to acquire 100% of the Caisse Centrale de Réescompte Group from Commerzbank for a total consideration of approximately EUR 435 million. The transaction is expected to close in the first quarter of 2008, subject to regulatory approvals.
The Board of Directors has appointed Marcel Rohner as UBS's Group Chief Executive Officer, effective today. He succeeds Peter Wuffli, who relinquishes all of his functions at UBS. Raoul Weil will succeed Marcel Rohner as Chairman and CEO of Global Wealth Management & Business Banking. Marcel Ospel will be nominated for another term as Chairman of the Board of Directors once his current term expires.
UBS Global Asset Management has entered into astock purchase agreement with Daehan Investment & Securities Company Ltd(DI&S) to acquire 51% of Daehan Investment Trust Management Company Ltd(DIMCO), one of Korea's largest asset management companies. Under the jointventure, DIMCO will be known as UBS Hana Asset Management Company Ltd(UBS Hana Asset Management) internationally, and as Hana UBS AssetManagement in Korean. The transaction remains subject to regulatory approval.
UBS announces reintegration of Dillon Read Capital Management Portfolios into the Investment Bank. Outside investor funds to be redeemed- Net profit attributable to UBS shareholders of CHF 3,275 million, down CHF 229 million from the same period a year earlier (first quarter 2006 included a CHF 290 million after-tax gain from sale of Motor-Columbus)- Financial businesses attributable profit from continuing operations of CHF 3,182 million, a new record and up 4% from both first and fourth quarter 2006- Total UBS net new money was at an all-time high of CHF 52.8 billion, with CHF 44.8 billion inflow from wealth management businesses worldwide- Diluted EPS from continuing operations of CHF 1.62, up 9% from a year earlier, cost/income ratio of 68.1%, down 0.3 percentage points from first quarter 2006- Return on equity of 28.7%, down from 29.6% a year earlier, still well above UBS's target of a 20% minimum over the cycle- All business groups reported record profits in first quarter
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