UBS Rogue Trader’s Losses Could Have Topped $12 Billion: Prosecutor
Kweku Adoboli, the so-called rogue trader of UBS who lost $2.3 billion in unauthorized trades, went on trial in London, and the prosecutor said the scale of his gambling put ‘the very existence of the bank at risk.’
5 of History’s Brazen Crooks Who Defrauded Markets
Remember Ken Lay? Probably. Remember Alves dos Reis? Probably not, but he nearly bankrupted a country in 1925.
Barclays’ Diamond Blames Libor Fixing on Other Banks, Regulators
Moody’s cuts Barclays' outlook; investors may be on the hook for losses.
Most Earnings Top Estimates on Mixed Advisor-Headcount News
Bank of America reported net income of $6.2 billion, or $0.56 per share, for the third quarter vs. a net loss of $7.3 billion, or $0.77 per share, last year — topping analysts’ estimates by a wide margin. Revenue, net of interest expense (and calculated on a fully taxable-equivalent basis)...
5 Best & Worst Broker-Dealers: Q3 Earnings
Brokerage firms in the third quarter boosted earnings growth as high as nearly 2,200% and reported declines as low as 120% — AdvisorOne selected a lucky 10 to spotlight.
UBS Beats Estimates; Net New Money Expands in Americas: Q3 Earnings
The U.S.-based wealth management unit had about 6,900 advisors and inflows of $4.5 billion in the most-recent quarter.
The Perils of Exchange Traded Funds
Despite their retail-friendly image today, ETFs were originally designed as a product for professional fund managers and institutional investors, and their involvement is still high.
Who’s More Reckless: Stockbrokers or Psychopaths?
Study at a Swiss University offers surprising results.
Moody’s Downgrades BofA, Wells Fargo & Citigroup
More advisors may feel the necessity to seek independence, as lack of potential government bailouts led to ratings cut.
UBS Loses ‘Credibility’ Again, Recruiters Say
The latest scandal at UBS shouldn’t financially impact its U.S.-based financial advisors, experts say, but it could weaken the wirehouse firm’s recruiting and retention efforts.