Ubs Ag

The biggest motorcycle maker in the United States was removed from the short-term buy list at UBS AG. The firm lowered its price target on the shares to $39; Milwaukee-based Harley-Davidson's US sales have slowed this summer.

Pittsburgh-based United States Steel Corp. led the S&P 500 index higher, gaining 6.4 percent. The country's largest producer of the metal by volume should benefit from a recovery in steel prices, UBS AG said in a note to investors. Analyst Shneur Gershuni lifted his target price to $47 a share while leaving unchanged his "buy" rating. Since March 6, the shares have rallied 26 percent.

Pittsburgh-based United States Steel Corp. led the S&P 500 index higher, gaining 6.4 percent. The country's largest producer of the metal by volume should benefit from a recovery in steel prices, UBS AG said in a note to investors. Analyst Shneur Gershuni lifted his target price to $47 a share while leaving unchanged his "buy" rating. Since March 6, the shares have rallied 26 percent.

GENEVA - Swiss bank Julius Baer Group said yesterday that it might have to pay a fine to settle allegations it helped American clients cheat on their taxes, but cautioned investors that the final outcome of the case was still uncertain. Zurich-based Julius Baer is one of at least 11 Swiss banks under pressure from the United States to give up tax-evading American customers and the bankers who aided them. Last month, Switzerland's oldest bank, Wegelin & Co., announced it was selling most of its business after it was indicted in the United States on charges of conspiring to help American...

Another former banker at UBS AG has been charged with conspiracy to defraud the United States. An indictment filed Tuesday accuses Martin Lack of helping U.S. customers open and maintain secret bank accounts in Switzerland. U.S. officials say Lack offered clients falsified bank documents to conceal the source of the funds in their undeclared bank accounts. The indictment also alleges that Lack sent another former UBS banker, Renzo Gadola, to meet with a client at a Miami hotel in November to prevent him from disclosing his secret account to the IRS. Gadola pleaded guilty to a...

BERN, Switzerland - Troubled Swiss banking giant UBS AG suddenly replaced its chief executive yesterday, appointing Oswald J. Gruebel - former head of cross-town rival Credit Suisse Group - to take over immediately. Gruebel's experience in leading Credit Suisse through a turnaround before he left the company two years ago will prove invaluable, UBS said. He succeeds Marcel Rohner, who has resigned. Investors celebrated the change, sending the bank's shares up 16.2 percent to close at $10.11 in Zurich.

Three Swiss bankers are charged in a New York indictment with conspiring to hide more than $1.2 billion of taxpayer assets from the Internal Revenue Service. Federal authorities said in a release that the indictment was returned Tuesday. They said the bankers worked as client advisers at the Zurich branch of a bank they identified only as "Swiss Bank A. " They said the men conspired with U.S. taxpayers and others to hide the existence of Swiss bank accounts and the income they generated from the IRS. They said the men engaged in the conspiracy in 2008 and 2009...

JUST WHEN bankers and financiers were feeling as though they had weathered the 2008 banking meltdown, UBS AG goes and loses a couple of billion dollars. Three years to the day that Lehman Brothers announced its demise, UBS admitted that 31-year-old Kweku Adoboli, a trader in the company's London office, had somehow falsified accounting records to the tune of the GDP of a small country. UBS swiftly notified police, but was quick to make two important points: that UBS, a Swiss-based giant in the financial services industry, could withstand a $2.3 billion loss, and that no clients were harmed.

NEWARK - A former UBS AG banker was indicted on a charge of conspiring to help wealthy Americans evade taxes by hiding accounts in a smaller Swiss regional bank. Martin Lack, a Swiss resident and independent investment adviser, helped US clients hide assets from the Internal Revenue Service through accounts at UBS and the so-called cantonal bank, according to an indictment in federal court in Fort Lauderdale, Fla. That bank, not named in the indictment, is Basler Kantonalbank, according to a person familiar with the matter.

GENEVA - Troubled Swiss banking giant UBS AG said yesterday that it will slash its global workforce of 76,200 people by more than 10 percent as part of across-the-board cost cutting to return to profit after racking up billion-dollar losses for yet another quarter. The 8,700 job cuts will hit the United States and Switzerland particularly hard because that is where the bank has its largest payrolls, a bank spokesman said. "Our results remain very unsatisfactory," new chief executive Oswald Gruebel told the annual shareholders meeting, adding that the bank will report a...

Two Swiss banks will this week outline their response to growing pressure from the U.S. to give up tax-evading American customers and the bankers who helped them. Julius Baer Group and Zuercher Kantonalbank are among at least 11 Swiss banks targeted by U.S. authorities following a successful case against UBS AG that forced Switzerland's biggest bank to hand over 4,450 clients' files to Washington in 2010. Since then, an amnesty program and the arrest of several Swiss bankers have given U.S. authorities ample ammunition to pursue other banks in the Alpine nation.

Three Swiss bankers are charged in a New York indictment with conspiring to hide more than $1.2 billion of taxpayer assets from the Internal Revenue Service. Federal authorities said in a release that the indictment was returned Tuesday. They said the bankers worked as client advisers at the Zurich branch of a bank they identified only as "Swiss Bank A. " They said the men conspired with U.S. taxpayers and others to hide the existence of Swiss bank accounts and the income they generated from the IRS. They said the men engaged in the conspiracy in 2008 and 2009...

MIAMI - A former banker at Swiss giant UBS AG was sentenced yesterday to five years' probation and no jail time for tax fraud as a reward for helping US prosecutors build other tax evasion cases. Senior US District Judge James Lawrence King agreed that Renzo Gadola, 45, deserved leniency for his cooperation, which has led to charges against two former colleagues and at least one banking client. "You cooperated fully and the results have been extraordinary," King said at a hearing.

JUST WHEN bankers and financiers were feeling as though they had weathered the 2008 banking meltdown, UBS AG goes and loses a couple of billion dollars. Three years to the day that Lehman Brothers announced its demise, UBS admitted that 31-year-old Kweku Adoboli, a trader in the company's London office, had somehow falsified accounting records to the tune of the GDP of a small country. UBS swiftly notified police, but was quick to make two important points: that UBS, a Swiss-based giant in the financial services industry, could withstand a $2.3 billion loss, and that no clients were harmed.

The biggest motorcycle maker in the United States was removed from the short-term buy list at UBS AG. The firm lowered its price target on the shares to $39; Milwaukee-based Harley-Davidson's US sales have slowed this summer.

NEWARK - A former UBS AG banker was indicted on a charge of conspiring to help wealthy Americans evade taxes by hiding accounts in a smaller Swiss regional bank. Martin Lack, a Swiss resident and independent investment adviser, helped US clients hide assets from the Internal Revenue Service through accounts at UBS and the so-called cantonal bank, according to an indictment in federal court in Fort Lauderdale, Fla. That bank, not named in the indictment, is Basler Kantonalbank, according to a person familiar with the matter.

FORT LAUDERDALE, Fla. - A former banker described by prosecutors as the man most responsible for sparking a broad US investigation into rich Americans’ use of secret Swiss bank accounts to evade taxes was sentenced yesterday to more than three years in federal prison. Prosecutors gave Bradley Birkenfeld, a 44-year-old US citizen, credit for voluntarily disclosing illegal tactics by Swiss banking giant UBS AG and others. But they said Birkenfeld initially refused to confess his own misconduct and hoped to collect a cash reward.

MIAMI - A former banker at Swiss giant UBS AG was sentenced yesterday to five years' probation and no jail time for tax fraud as a reward for helping US prosecutors build other tax evasion cases. Senior US District Judge James Lawrence King agreed that Renzo Gadola, 45, deserved leniency for his cooperation, which has led to charges against two former colleagues and at least one banking client. "You cooperated fully and the results have been extraordinary," King said at a hearing.