UBS is becoming a serial offender in terms of destroying value by means of compliance failures. In 2009, it reached a $780m settlement in the US over tax evasion. Last year, one of its traders lost SFr1.8bn. This year it was fined £30m in regard to that incident. These issues together have cost the bank SFr5.2bn over four years, wiping a third off pre-tax profits for the period.
在不合规行为损害公司价值这方面,瑞银正在成为惯犯。2009年,该行因涉嫌逃税,与美国政府达成7.80亿美元和解。去年,该行一位交易员亏损了18亿瑞士法郎,今年该行因该事件被罚款3000万英镑。在四年中所有这些问题总共让瑞银损失52亿瑞士法郎,抹去其三分之一的同期税前利润。
Is there more to come? Other regulators are looking at Libor, as are US class-action lawyers. These are only, as Donald Rumsfeld would say, the “known unknowns. There may be more skeletons in the closet.
类似问题还会出现么?目前其他监管机构正在调查Libor丑闻,美国的集体诉讼律师们也一样。然而,所有这些不过是唐纳德·拉姆斯菲尔德(Donald Rumsfeld)所说的“已知的未知情况。也许还有更多见不得光的丑事没有曝光。
The shares initially rose yesterday, reflecting relief that the Libor problem has a number attached to it, and that it will not affect UBS’s capital position. The bank will have a Basel III common equity tier one ratio of 9.3 per cent at the year’s end, the same as at the end of third quarter; the Libor fines have been offset by deleveraging. Shares have rallied 50 per cent since the end of July as investors warmed to UBS’s plans to scale back its investment bank. But they now trade on a hefty 1.3 times tangible book value. That leaves little room for error, which, at UBS, is very often needed.
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