The Swiss derivatives boutique has moved on by replacing the embattled Swiss banker at its helm. An Asia veteran has also been enlisted to help right the troubled firm.
UBS, along with a further seven banking giants is in talks with the European Union to settle the investigation into the alleged participation in a forex cartel, according to a media report. The companies face paying penalties reaching billions of euros.
After receiving its private fund management license earlier this year, UBS became the first foreign asset manager to launch an onshore equity fund for local investors in China.
Credit Suisse, which has one of the largest investments banks based in London, is considering new options for the business following the U.K.’s exit from the European Union, according to a media report.
HSBC’s Swiss private bank said it is ending a long-running French investigation over offshore accounts by paying a fine. The agreement raises the specter of a settlement for larger rival UBS.
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