Sunday, 8th November 2009

 

13 October 2008 - Press Briefing

AIG said to hire UBS for auction of Swiss private banking unit

American International Group has recruited UBS to auction its Swiss-based private banking division, AIG Private Bank, sources said, according to a Reuters report.

AIG, besieged by losses on distressed mortgage bets, is seeking to offload assets to repay a huge US government loan.

Tags: AIG Private Bank , American International Group , UBS

Read the original

Most Read

  1. Barclays Wealth team leaves for Standard Chartered
  2. Lloyds wealth team quits after bonus worries
  3. UBS wealth unit takes £33m hit on rogue trades
  4. Citigroup plans 75 layoffs at wealth management division
  5. Morgan Stanley poaches six-member private wealth team from UBS

Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Sotheby's 3Q loss widens

Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.

More from Wealth Business

  1. RBS Posts Loss, Cautious Outlook
  2. Tax amnesty proves a hit among Italians
  3. Italian tax amnesty on course to exceed repatriation target
  4. Prospective suitors eye Austrian wealth manager
  5. Analysts to press UBS over turnaround strategy for wealth unit

Related Content

  1. 95% of AIG cash fund investors move into recovery fund

2nd Floor, Stapleton House, 29-33 Scrutton Street, London, EC2A 4HU

Tel: +44 (0) 20 7309 7788

Company No 3089347