UBS Group AG has filed an application for a national bank charter for its US franchise as it seeks to expand in the region. A national bank charter will help UBS Bank USA to expand offerings for wealth management clients to include "bank-provided payments, checking and savings account services," according to a memo seen by Bloomberg News that was confirmed by a spokesperson.  "Our US clients hold significant deposits and largely rely on other banks for their everyday banking needs," Americas boss Rob Karof ...

Tom Hayes, the former trader who became the face of the Libor scandal, sued UBS on Monday for $400 million in damages https://t.co/RzjGEQIgJd ...

Core Viewpoint - A former banker has been sentenced to five years in prison due to his involvement in manipulating the benchmark rate [1] Group 1 - The individual was involved in a significant financial misconduct that affected the integrity of the benchmark rate [1] - The prison sentence reflects the legal consequences of unethical practices in the banking industry [1]

SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- #FA--UBS Global Wealth Management today announces that Bryan Davidson has joined the firm as a Financial Advisor in the UBS Scottsdale, Arizona office. ...

UBS has filed an application for a national bank charter for its US franchise as it seeks to expand in the region https://t.co/SJvB7yUvrl ...

Chevron Corporation (NYSE:CVX) is one of the stocks in focus in the game plan Jim Cramer shared. Cramer showed pessimism toward the stock due to industry conditions. He said: “Finally, Friday, we have, oh look what it is, right, Chevron and Exxon… Two laggards that are linked to the price of crude, which means it’s very hard for them to get any traction, are Chevron and Exxon.” Goldman, UBS Boost Chevron Price Targets as Post-Hess Free Cash Flow Outlook Brightens Photo by Luis Ramirez on Unsplash Chev ...

UBS has filed an application for a national banking licence in the United States, the Swiss bank said on Monday, a step that underlines its growth ambition for the U.S. market. ...

UBS's standoff with the Swiss government has put who succeeds CEO Sergio Ermotti — and when — in a new light https://t.co/SC0XU5ZtFJ ...

If Switzerland doesn't cut UBS some slack over the next 12 months, don’t be surprised to hear the bank publicly consider quitting its homeland, writes @PaulJDavies (via @opinion) https://t.co/WV9BdtNaB4 ...

Core Insights - The stock market is currently experiencing a fragile state, characterized by calm periods interrupted by sudden volatility spikes, as evidenced by the recent surge in the Cboe Volatility Index (VIX) to a six-month high on October 16, despite only a 0.6% drop in the S&P 500 [6][3] - The volatility spike on October 16 was attributed to market reactions to concerns about loan losses at regional banks and was noted to be more extreme than previous significant volatility events [6][3] - By October 17, the VIX returned to previous levels, indicating a quick reversal in market sentiment following the initial spike [6][1] Market Dynamics - UBS strategists observed that S&P 500 option market makers became shorter volatility as the market fell, which may have exacerbated the VIX increase as those positions were covered [1][6] - Dealers were likely short VIX calls, and the hedging of these positions contributed to the volatility spike [1][6] - Bank of America strategists suggested that the VIX jump was more technically driven, with VIX exchange-traded products (ETPs) not significantly contributing to the spike as investors took profits [2][6] Volatility and ETP Growth - The pattern of calm followed by volatility spikes highlights a push-pull dynamic in the market, which has been exacerbated by the substantial growth of ETPs [3][6] - A 10-point increase in front-month VIX futures would require only about 17% of long holders of volatility securities to sell in order to offset dealer rebalancing, indicating a relatively low threshold for market impact [2][6]