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UBS

UBS

$12.92

-0.02 (-0.15%)

08:25
02/20/19
02/20
08:25
02/20/19
08:25

UBS to appeal French court's judgement in cross-border matter

The French trial court to issued its judgment on the cross-border matter finding UBS AG guilty and UBS of illicit solicitation and laundering of the proceeds of tax fraud and assessed a penalty of EUR3.7B and EUR15M respectively and civil damages of EUR800M. The company said, "UBS strongly disagrees with the verdict. The bank has consistently contested any criminal wrongdoing in this case throughout the investigation and during the trial. The conviction is not supported by any concrete evidence, but instead is based on the unfounded allegations of former employees who were not even heard at the trial. No evidence was provided that any French client was solicited on French soil by a UBS AG client advisor to open an account in Switzerland. As no offence in France was established, the decision effectively applies French law in Switzerland. This undermines the sovereignty of Swiss law and poses significant questions of territoriality. The judgement does not depart from preconceived notions, incriminating the bank based on the fact that it offered certain legitimate and standard services under Swiss law that are also common in other jurisdictions. The verdict also lacks proof and a credible methodology for the calculation of the fine and damages. The charges of laundering the proceeds of tax fraud are without merit, as the predicate offence of an original tax fraud of French tax payers was not proven. UBS respected and followed its obligations under Swiss and French law as well as the European Tax Savings directive, which came into force in 2004. UBS will appeal the verdict and evaluate whether the written decision requires any additional steps. Under French law, an appeal suspends the judgment of the trial court and leads to a transfer of the case to the Court of Appeals which then retries the case in its entirety."

UBS UBS
$12.92

-0.02 (-0.15%)

05/22/18
JPMS
05/22/18
NO CHANGE
JPMS
Overweight
UBS added to European Analyst Focus List at JPMorgan
JPMorgan analyst Kian Abouhossein added UBS to his firm's European Analyst Focus List saying the company's newly merged wealth management business is the best-positioned globally relative to peers. The analyst calls UBS his top pick in wealth management.
07/25/18
SOCG
07/25/18
UPGRADE
SOCG
Buy
UBS upgraded to Buy from Hold at Societe Generale
Societe Generale analyst Andrew Lim upgraded UBS to Buy and raised estimates to reflect modestly higher revenues and increasing momentum on buybacks.
01/08/19
01/08/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Unilever (UN, UL) downgraded to Neutral from Buy at UBS. 2. General Dynamics (GD) downgraded to Hold from Buy at Jefferies with analyst Sheila Kahyaoglu saying despite a portfolio of "marquee assets," the company's earnings "lack momentum." 3. Principal Financial (PFG) downgraded to Neutral from Buy at Goldman Sachs with analyst Alex Scott saying he sees less upside in the shares relative to other names in his life insurance coverage universe. 4. JPMorgan (JPM), SunTrust (STI), and U.S. Bancorp (USB) were downgraded to Hold from Buy at Jefferies. 5. Maxar Technologies (MAXR) downgraded to Underperform from Neutral at Credit Suisse, to Sell at Veritas, to Market Perform from Outperform at BMO Capital, and to Sector Perform at National Bank. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/09/19
SOCG
01/09/19
DOWNGRADE
SOCG
Hold
UBS downgraded to Hold from Buy at Societe Generale

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T

AT&T

$36.77

-0.39 (-1.05%)

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Celanese

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STI

SunTrust

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WBS

Webster Financial

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HSBC

HSBC

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HES

Hess Corp.

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CSCO

Cisco

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GLD

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T

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CBPO

China Biologic

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T

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GSK

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