UBS Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centers as the largest Swiss banking institution in the world.
Michael Crotty, who joined Morgan Stanley’s Smith Barney predecessor in 2007 and moved to rival UBS earlier this month, agreed to Morgan Stanley’s bid to block him from reaching out to customers governed by teaming agreements.
UBS Wealth Management Americas more than doubled earnings to $505 million in the second quarter, but analysts noted that its margins continued to lag its U.S. rivals.
UBS team led by Tony R. Smith in Birmingham had managed $4.4 billion in assets and launched Stonegate Investment Group.
Brokers had “flawed understanding” of the product and improperly guided clients to hold the ETFs, which are meant for short-term trading, according to a settlement announced Monday.
Mike Crotty, who had joined Morgan Stanley’s Smith Barney predecessor in 2007, moved to rival UBS last week, but not before giving some clients a heads-up he was leaving, the wirehouse claims in a suit.
San Juan, Puerto Rico-based broker Xavier A. Aguayo was granted each of his six expungement requests by a Financial Industry Regulatory Authority arbitrator.
“I like this—working from home in shorts and a t-shirt,” a veteran Merrill broker said.
UBS Group AG will permanently allow as many as two-thirds of its employees to mix working at home and the office, as it seeks a recruitment edge over some Wall Street banks taking a more hardline approach.
Christine Leong Connors, who in 2012 assumed leadership of Northern California for J.P. Morgan’s private bank, left to “pursue outside opportunities,” a memo said.