The Wall Street Journal reports that UBS is set to unveil long awaited details of its turnaround strategy at an Investor Day conference in Zurich Tuesday. The event is fully booked.
As the newspaper says, 'the question now is whether (CEO Oswald) Grubel will present a dramatic and convincing plan for change'.
In the meantime, UK market regulator The Financial Services Authority (FSA) has fined and banned a former employee of the firm from the industry for his role in helping to conceal unauthorized trading losses at UBS's wealth management unit in London. Andrew Cumming was fined $58,000 and banned for 5 years. FSA enforcement head Margaret Cole said: 'Cumming deliberately misled UBS and its customers. Although he didn't stand to make personal gain, his complicity allowed a colleague to continue making unauthorized trades'. The bank received a $13.3m fine over the affair.
And The New York Post reports that former New York State Attorney General Eliot Spitzer is on the other end of a request for sight of e-mails. Lawyers acting for former AIG CEO Hank Greenberg claim that Spitzer used a secret e-mail account while in office to communicate with third-parties about investigations of the insurance company, and want to see what they contain. Current New York Attorney General Andrew Cuomo has resisted requests to release the documents after Freedom-of-Information Act requests, but the State Supreme Court is this week expected to reaffirm a July ruling that Cuomo must hand them over.
The Daily Telegraph reports that HSBC has sold and leased-back its Canary Wharf HQ building for the third time in 3 years. The building has now been sold to South Korea's National Pension Service for $1.28bn.
Finally, MarketWatch reports that Japan's Mitsubishi UFJ Financial Group is to beef up its balance sheet with a $11bn stock offering. The offering would be the largest ever common stock offering in Japan to date.