Private banking

1. RBS Posts Loss, Cautious Outlook

   Royal Bank of Scotland Group PLC, which is about to see its government ownership rise to 84%, posted a £1.8 billion ($2.99 billion) net loss for the third quarter, hurt by £3.28 billion in impairment losses, and said it remains cautious on the outlook.

2. Mercer moves into wealth management

   Mercer, the US-based consultant, has announced a move into the European wealth management sector, providing research, investment strategy and governance advice for the wealth management industry.

3. UBS wealth unit takes £33m hit on rogue trades

   UBS has been forced to stump up £33m (€37m) after staff in its London-based wealth management division used client accounts to make unauthorised trades in precious metals and foreign exchange. The UK market regulator slammed UBS for its "inadequate systems and controls" in a wide-ranging critique of the business.

4. Swiss brokerage chief sheds light on hiring market

   Vontobel, the Swiss financial institution best known for its private banking business, has doubled the size of its London equity brokerage team and is planning on expanding further, according to the firm's London chief, who shed light on the difficulties of hiring in a resurgent market.

5. SG Private Banking reports positive inflows

   SG Private Banking, the wealth management arm of French bank Société Générale, enjoyed net inflows of €1.2bn in the third quarter, while its asset management division suffered a net outflow of €1.6bn.

6. 'Move Past The Crisis,' Barclays Wealth To Clients

   Global markets are now functioning normally, and stocks, particularly those in developed markets, likely offer more upside going forward, according to Barclays Wealth.

7. Barclays Rejigs Retail and Investment-Banking Management

   Barclays PLC on Tuesday announced a major restructuring of its retail and investment-banking businesses into new group units that will see one of its top executives, Frits Seegers, leave the bank.

8. Bank Sarasin raises stake in NZB after Sulzer probe

   Bank Sarasin, the Swiss private bank, is set to acquire a majority stake in the Zurich-basd Neue Zuercher Bank, in order to boost client confidence following a probe by the Swiss regulator. NZB will withdraw from private banking as part of the deal.

9. Geneva private bank ditches troubled brand

   Geneva-based Société Bancaire Privée, which has had a chequered past, has been renamed Banque Profil de Gestion to link it more with its main shareholder, the Milan-based Banca Profilo.

10. UBS Swings to Loss on Charges

    UBS AG on Tuesday posted a third-quarter net loss, hit by three big charges, and cautioned that heavy withdrawals from wealthy clients will persist in coming months following a dismal performance from its private bank.