Here's a note of four UBS articles making the news this Monday morning.
UBS has reported second-quarter net income of about $734m and said it’s nearing a settlement over U.S. mortgage-backed bond sales.
UBS reached an agreement in principle with the U.S. Federal Housing Finance Agency to settle claims related to residential mortgage-backed securities offerings between 2004 and 2007, the Zurich-based bank said in a statement Monday.
German tax probe
The German operations of UBS could be fined more than $197m in connection with an investigation of alleged tax avoidance by the bank's German clients, a German magazine reported on Sunday.
Der Spiegel did not cite sources for its report but said that more money escaped tax than in a similar case, which rival lender Credit Suisse paid $197m to settle.
Senior UBS man off to Evercore
Evercore Partners has hired UBS banker Keith Magnus as senior managing director to set up its Singapore office as the U.S. investment bank expands in Southeast Asia to tap into booming deal activity.
Magnus, now chairman and head of UBS investment banking Singapore and Malaysia, will focus on providing strategic, merger and acquisitions and capital markets advice to companies in Singapore and throughout Southeast Asia, the U.S. bank said in a statement. He will join Evercore in October.
Wells Fargo hires ex-UBS head
Wells Fargo has appointed Mark Jones to lead the firm’s capital markets and investment banking business in Asia.
Jones, who previously headed sales for UBS’s fixed income, commodities and currencies group in the Asia-Pacific region, will be based in Hong Kong in the newly created position, Wells Fargo said in a statement.