SINGAPORE (Dow Jones)--Barclays Wealth, the wealth management division of Barclays PLC (BARC.LN), said Monday it has appointed three new bankers from UBS AG (UBS) in senior positions, to strengthen its private banking team for South Asians.
Vikram Malhotra, who joins Barclays Wealth as managing director and head of South Asia operations, will manage a team of Hong Kong and Singapore-based bankers who will provide wealth management and advisory solutions to South Asians in Asia Pacific, Barclays said in a statement.
Prior to joining Barclays Wealth, Malhotra was the managing director and country team head for India International Asia at UBS.
Also joining Barclays Wealth from UBS are Jagdish Kale and Rohit Nanani. Both will taking on the positions of directors at Barclays Wealth and will be based in Singapore, the statement said.
'As we continue to build our presence in Asia Pacific, adding high-calibre senior bankers is crucial to meeting the complex needs of our sophisticated private banking clients,' Didier Von Daeniken, chief executive of Barclays Wealth Asia Pacific, said in the statement.
Wednesday, February 10, 2010
More On Compensation - UBS
The London Evening Standard reports that UBS is to raise its 2009 bonus pool by 34% to $2.7bn. CEO Oswald Gruebel confirmed that: 'Our top performers are paid to stay, as we'd hate to lose them'.
UBS Claws Back $282 Million of Bonuses After Posting 2009 Loss
Feb. 10 (Bloomberg) -- UBS AG’s loss in 2009 will trigger the bank’s bonus claw back mechanism for the first time, depriving senior bankers of 300 million Swiss francs ($282 million) of deferred pay they were due to receive this year.
The Swiss bank introduced last year a plan that would pay 900 million francs to managing directors, executive directors and directors in equal parts in 2010, 2011 and 2012. The lender yesterday posted a 2.74 billion-franc loss for 2009, compared with a loss of 21.3 billion francs for the previous year.
“The critical condition, a net profit for 2009 according to International Financial Reporting Standards, was not met,” Chief Executive Officer Oswald Gruebel said in a memo to employees dated yesterday.
The Swiss bank introduced last year a plan that would pay 900 million francs to managing directors, executive directors and directors in equal parts in 2010, 2011 and 2012. The lender yesterday posted a 2.74 billion-franc loss for 2009, compared with a loss of 21.3 billion francs for the previous year.
“The critical condition, a net profit for 2009 according to International Financial Reporting Standards, was not met,” Chief Executive Officer Oswald Gruebel said in a memo to employees dated yesterday.
Tuesday, February 9, 2010
UBS Q4 Results +CHF1.2Bio
UBS reports a fourth quarter profit of CHF 1,205 million
Fourth quarter 2009 results
Net profit attributable to UBS shareholders was CHF 1,205 million, with all business divisions reporting a pre-tax profit in fourth quarter 2009
Improvement compared with the third quarter due to lower costs, lower own credit charges and a tax credit
Greater efficiency and cost control
Cost reduction and efficiency programs initiated in early 2009 have led to a sharp reduction in fixed costs to CHF 20.2 billion in 2009, broadly in line with the CHF 20 billion target set for 2010
Headcount reduced by 16% to 65,233 during the year, broadly in line with the 2010 target of 65,000
Financial strength
Year-end BIS tier 1 capital ratio of 15.4% compared with 11.0% on 31 December 2008; FINMA leverage ratio of 3.9% in fourth quarter 2009 compared with 2.5% in fourth quarter 2008
Further reductions in risk exposures and balance sheet: assets1 down 21% year-on-year to CHF 919 billion and total risk-weighted assets down 32% year-on-year to CHF 207 billion on 31 December 2009
Net new money and invested assets
Net new money outflows in fourth quarter 2009 were CHF 33.2 billion for Wealth Management & Swiss Bank, CHF 12.0 billion for Wealth Management Americas, and CHF 11.0 billion for Global Asset Management
Invested assets were CHF 2,233 billion on 31 December 2009, up 3% year-on-year and down 1% compared with the prior quarter-end
CEO comment and outlook
Group CEO Grübel says UBS is delivering on its plan for a new UBS, as demonstrated by its return to profitability and strengthened capitalization
Addressing the causes of net new money outflows remains a main priority – management is confident that reputation will be restored with tangible results
Effects of the progress made in improving efficiency, reducing risk and rebuilding and refocusing businesses are expected to be felt in the coming quarters
Full-year 2009 results
Net loss attributable to shareholders decreased to CHF 2,736 million for full-year 2009 from CHF 21,292 million in 2008. Adjusted for the items below, the underlying pre-tax profit for 2009 was CHF 1.4 billion. In 2009, the biggest negative accounting impact came from losses on own credit on financial liabilities designated at fair value. These own credit losses were driven by the improved perception of UBS's creditworthiness during 2009, which was a positive development but led to a net charge of CHF 2.0 billion. The other items were a loss in relation to the closing of the UBS Pactual sale (CHF 1.4 billion), restructuring charges (CHF 0.8 billion) and a gain on the mandatory convertible notes formerly held by the Swiss Confederation and converted in August 2009 (CHF 0.3 billion).
Swiss bank UBS returns to profit, still struggles
ZURICH (AFP) – Troubled Swiss bank UBS said Tuesday it had jumped back into quarterly profit for the first time in more than a year even though it was still grappling with a damaging loss of client confidence.
The bank, severely hit by the financial crisis as well as international pressure on tax evasion and Swiss banking secrecy, posted a 1.20-billion-franc profit (1.12 billion dollars, 821 million euros) in the fourth quarter of 2009.
It was the first time that Switzerland's banking flagship had reported a profit since the third quarter of 2008, helping to cut its 2009 net loss to 2.73 billion francs from 21.29 billion francs in 2008.
The earnings figures outstripped analyst expectations but investors were unimpressed as unsettled clients continued to withdraw their funds.
The drop in UBS shares accelerated during the day and they were down 5.7 percent in afternoon trading in Zurich.
Chief executive Oswald Gruebel said the reputational damage caused by the fallout from the global credit crisis and legal pressures over tax issues, especially in the United States, 'should not be underestimated.'
On Tuesday, UBS reported that net money outflows from its international wealth management unit more than doubled from the previous quarter.
Net new money outflows totalled 56.2 billion Swiss francs in the fourth quarter, despite an increase in assets from Asia. The outflows from its global wealth management unit rose to 27.3 billion francs from 12.9 billion francs.
The bank, severely hit by the financial crisis as well as international pressure on tax evasion and Swiss banking secrecy, posted a 1.20-billion-franc profit (1.12 billion dollars, 821 million euros) in the fourth quarter of 2009.
It was the first time that Switzerland's banking flagship had reported a profit since the third quarter of 2008, helping to cut its 2009 net loss to 2.73 billion francs from 21.29 billion francs in 2008.
The earnings figures outstripped analyst expectations but investors were unimpressed as unsettled clients continued to withdraw their funds.
The drop in UBS shares accelerated during the day and they were down 5.7 percent in afternoon trading in Zurich.
Chief executive Oswald Gruebel said the reputational damage caused by the fallout from the global credit crisis and legal pressures over tax issues, especially in the United States, 'should not be underestimated.'
On Tuesday, UBS reported that net money outflows from its international wealth management unit more than doubled from the previous quarter.
Net new money outflows totalled 56.2 billion Swiss francs in the fourth quarter, despite an increase in assets from Asia. The outflows from its global wealth management unit rose to 27.3 billion francs from 12.9 billion francs.
Saturday, February 6, 2010
Goldman Sachs’s Blankfein Receives $9 Million Bonus for 2009
Feb. 6 (Bloomberg) -- Goldman Sachs Group Inc. gave Chairman and Chief Executive Officer Lloyd Blankfein a $9 million all-stock bonus for 2009, about half the award granted by JPMorgan Chase & Co. to CEO Jamie Dimon, even as profit reached an all-time high and the shares doubled.
“This is certainly lower than my best estimate would have been,” said Rose Marie Orens, a senior partners at Compensation Advisory Partners in New York. “There was a very definite decision that they weren’t going to have the discussion be all about them and pay.”
Goldman Sachs, the most profitable securities firm in Wall Street history, this year cut the percentage of revenue earmarked for pay to the lowest in a decade as a public company. The New York-based firm aimed to allay anger about banks whose profits and pay rebounded within a year of taking government bailouts while the U.S. jobless rate was about 10 percent.
The bonus falls far short of the Wall Street record that Blankfein, 55, set with his $67.9 million bonus in 2007 and compares with Dimon’s award, also announced yesterday, of about $17 million in restricted stock and options
“This is certainly lower than my best estimate would have been,” said Rose Marie Orens, a senior partners at Compensation Advisory Partners in New York. “There was a very definite decision that they weren’t going to have the discussion be all about them and pay.”
Goldman Sachs, the most profitable securities firm in Wall Street history, this year cut the percentage of revenue earmarked for pay to the lowest in a decade as a public company. The New York-based firm aimed to allay anger about banks whose profits and pay rebounded within a year of taking government bailouts while the U.S. jobless rate was about 10 percent.
The bonus falls far short of the Wall Street record that Blankfein, 55, set with his $67.9 million bonus in 2007 and compares with Dimon’s award, also announced yesterday, of about $17 million in restricted stock and options
Friday, February 5, 2010
UBS to reorganize struggling U.S. wealth management
NEW YORK/ZURICH (Reuters) - Troubled Swiss bank UBS, which has been battered by a U.S. tax evasion probe, is reorganizing its U.S. wealth management division in an attempt to stem outflows.
The Swiss bank, the world's second largest wealth manager, said on Friday the recently appointed heads of its wealth management unit, Robert McCann and Robert Mulholland, had outlined broad plans for a restructuring and management reshuffle.
News of the changes drew initial skepticism from the market. They are part of a months-long process McCann has undertaken to revive an 8,000-strong brokerage force caught in the firing line of the U.S. Internal Revenue Service investigation.
"They are implementing a plan that was effectively announced when McCann presented at the investor conference in November. He said then he needed ... to turn things around," said Kepler Equities analyst Dirk Becker.
McCann, who joined UBS as head of the Americas wealth management unit in October 2009, said then he would unveil his strategy to create a nimbler business early in 2010.
The Swiss bank, the world's second largest wealth manager, said on Friday the recently appointed heads of its wealth management unit, Robert McCann and Robert Mulholland, had outlined broad plans for a restructuring and management reshuffle.
News of the changes drew initial skepticism from the market. They are part of a months-long process McCann has undertaken to revive an 8,000-strong brokerage force caught in the firing line of the U.S. Internal Revenue Service investigation.
"They are implementing a plan that was effectively announced when McCann presented at the investor conference in November. He said then he needed ... to turn things around," said Kepler Equities analyst Dirk Becker.
McCann, who joined UBS as head of the Americas wealth management unit in October 2009, said then he would unveil his strategy to create a nimbler business early in 2010.
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