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UBS boss 'saw it coming'

UBS building

For three years, the Swiss franc was locked against the euro under the central bank’s cap, with no end in sight. UBS Group’s Gregor Hirt last month sensed something was about to change.

Deutsche said to cut jobs in sales

Deutsche Bank - Foyer Bridge

Deutsche Bank cut its credit sales teams in Chicago and San Francisco as Europe’s largest investment bank pulls back from less profitable fixed-income businesses, according to two people with knowledge of the matter.

Societe Generale splits Chairman and CEO role

Societe Generale Still

Pursuant to the conditions set out in article 13 of the Company's articles of incorporation, the Board of Directors of Societe Generale, based on the advice of the Nomination and Corporate Governance Committee, has decided that the positions of Chairman and CEO would be separated at the end of the Ordinary Shareholders' meeting on 19 May 2015.

Cohen says he won't bid for NBA side

Steven Cohen Still

Billionaire Steven A. Cohen said he won’t bid for the Brooklyn Nets after his representatives met with bankers handling the team’s sale, according to a person with direct knowledge of the matter.

Richest 1% may own half of global wealth by 2016


The combined wealth of the world's richest 1 percent could overtake that of the other 99 percent by 2016, according to a report by Oxfam published Monday, as billionaires, politicians and business leaders gather in Davos for the annual World Economic Forum.