UBS

A former chief executive officer of UBS AG's wealth management unit who is challenging a £100,000 FSA fine was yesterday accused of failing to control the activities of his team, allowing them to make up to 50 unauthorised trades per day.

The Financial Services Authority (FSA) has banned and fined a former client adviser at UBS AG £150,000 for failing to act with integrity.

UBS has announced its chief risk officer is to leave the company after less than 12 months in the role after the group lost an estimated $2.3bn from rogue trading.

Standard & Poor's has downgraded a raft of US and UK banks including HSBC, Barclays, and Goldman Sachs following an overhaul of its ratings criteria.

Although market volatility is set to remain for the forseeable future, there is no shortage of opportunities, writes Grant Bughman, client portfolio manager of the UBS US Growth fund.

ON THE US

Swiss investment bank UBS has warned the UK will lose the "safe haven" status it has enjoyed this year as the US attracts more investors.

ON EMERGING MARKETS

A senior executive at UBS has challenged a fine from the Financial Services Authority (FSA) in a tribunal today.

Swiss banking giant UBS surprised analysts this morning with better than expected profits in Q3 despite the high profile tradng scandal which cost it CHF1.8bn (£1.3bn).