UBS AG, Switzerland’s biggest bank, said Chris Vogelgesang will step down as co-head of foreign exchange and precious metals as the bank merges the unit with rates and credit amid regulatory probes into currency markets.
UBS AG, Switzerland’s biggest bank, said it probably won’t be able to reach its profitability goal in 2015 after the Swiss regulator demanded the company hold more capital for risks related to litigation.
Siena, the medieval city renowned for its Palio horse races, is home to the world’s oldest bank. Within its aging walls lies a distinctly 21st-century tale of devastation wrought by local politicians and global financiers.
UBS AG Chief Executive Officer Sergio Ermotti said he expects investors to remain cautious over the coming months after the Federal Reserve refrained from reducing the $85 billion pace of its monthly securities buying.