UBS Hits New Low
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The stock has come under pressure again as rumour fly that the bank may have to writedown another $2.5bn - $7bn in asset values following cuts to credit ratings of monoline insurers to which UBS remains exposed. And despite spokesperson Doug Morris telling MarketWatch last week that 'no major business is for sale', speculation is mounting that UBS may have to put its US wealth management business, Paine Webber, on the block. Reuters quotes Helvea analyst Peter Thorne, who said: 'Two years ago, it was unthinkable that they (UBS) would sell it (Paine Webber). It's not exactly the family silver, but almost. In my mind (however), it has been slated for disposal ever since the crisis broke'.
In the meantime, the bank announced Tuesday that it was introducing new corporate governance rules which will more clearly define the responsibilities of its board and executive management team and strengthen oversight of the board itself.
Finally, more bad news for UBS. Bloomberg reports that US prosecutors have asked a US federal judge to issue a summons which will require the bank to provide details of US taxpayers who may have been using the bank's accounts to conceal assets from the IRS. Former UBS private banker Bradley Birkenfeld has already pleaded guilty to conspiracy charges, and claims that UBS help US clients conceal $20bn in assets to evade taxes. There are fears that UBS may lose its US banking license unless its fesses up to any wrongdoing.
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