Richard Morton News
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European plans to levy the world’s toughest bonus restrictions on bankers drew condemnation in London as the industry warned it may backfire as firms raise fixed pay instead.
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Convicted UBS AG trader Kweku Adoboli asked a British appeals court to overturn his seven-year prison sentence for causing a $2.3 billion loss through unauthorized trades.
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Switzerland’s implementation of new solvency rules ahead of the European Union may reduce the appeal of Zurich as a base for reinsurers and insurers, the canton’s economy and labor office said.
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UBS AG was sued by Deutsche Postbank AG, a unit of Deutsche Bank AG, over allegations the Swiss lender didn’t honor a 75 million-euro ($100 million) securitization deal.
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U.K. prosecutors are poised to arrest former traders and rate setters at UBS AG, Royal Bank of Scotland Group Plc and Barclays Plc within a month for questioning over their role in the Libor scandal, a person with knowledge of the probe said.
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UBS AG, Switzerland’s largest bank, faces a fine of about 45 million pounds ($71.7 million) for failing to detect billions in unauthorized trades by Kweku Adoboli, according to a person familiar with the situation.
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UBS AG, the largest Swiss bank, appointed Chris Niehaus as the chief operating officer of investment banking in Europe, Middle East and Africa.
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The worst global financial crisis in 70 years arrived in Saint-Etienne this month, as embedded financial obligations began to blow up.
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UBS AG and Deutsche Bank AG said they don’t owe taxes over a 2003 compensation plan U.K. authorities argue was designed to avoid millions of pounds in taxes and national insurance contributions on employee bonuses.
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House Republicans have embraced at least one proposal in President Barack Obama’s jobs package: changing the rules to make it easier for closely held companies to raise money without going public.
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