Despite reporting its first annual loss in 2007 and forecasts of further credit write-downs in the first quarter, Merrill Lynch is getting out the chequebook for its Latin American business. The firm has gone on a shopping spree and plucked the cream of the Latin American investment banking crop, especially in Brazil.

Despite reporting its first annual loss in 2007 and forecasts of further credit write-downs in the first quarter, Merrill Lynch is getting out the chequebook for its Latin American business.

UBS announced today that it is to appoint David Sidwell, the former CFO of Morgan Stanley, as a non-executive director. Marcel Ospel, the chairman of UBS said Sidwell's "extensive banking expertise will only further strengthen our board". Read our February cover story, 'Board stupid', which revealed how few bankers actually sit on the boards of the world's leading financial institutions.

UBS’s chairman is struggling to hold on but shareholders must resist temptation to remove him at the moment.

Pays SFr10 billion for a 9% stake in the Swiss bank.

UBS has continued the revamping of its European debt capital markets business instigated by Roberto Isolani – who became head of fixed-income capital markets, for EMEA and APAC, at the start of this year.

UBS may want to forget much of this year following the closure of its hedge fund, the departure of senior personnel and a profits warning for the second half of the year. Some investors are even calling for the group to sell its underperforming investment bank. Could the saving grace be its emerging markets business? Sudip Roy asks Huw Jenkins, CEO of the investment bank.

David Soanes has rejoined the UBS fixed-income business.

Hedge Fund Poll: The world’s best hedge fund managers

There should be a health warning: hedge funds can cause death. Peter Wuffli, UBS’s former chief executive was assassinated last week. A hedge fund may have contributed to his untimely departure.

Competition for real estate expertise in Europe heats up.

Challenges of running prop and client money prove too much for Dillon Read Capital Management.

UBS has made its global head of debt capital markets, Suneel Kamlani, chief of staff of the investment bank.

In an investment banking world dominated by US bulge-bracket operations, UBS has muscled its way into the global league. Success has come despite its singular provenance, say critics, and, argues CEO Peter Wuffli, because of it. The Swiss bank’s head explains this reasoning to Chris Leahy and discusses developments on banking’s latest battlefront.

The bank’s ability to lead the headline-grabbing deals as well as smaller transactions indicates its strength in depth.

UBS has confirmed long-standing rumours that it is to relocate its London foreign exchange (FX) trading operation back to Zurich. According to a spokesman at the bank, the move will affect 60 staff working in its spot, derivative and emerging market areas. The spokesman said that the relocation, which will not result in any redundancies, will also affect all front office support and IT staff. The move is scheduled to take place in August.

Fresh from big spending on China’s state lenders, global banks are lining up to buy into its securities industry.

UBS has dispelled the notion that investment bank CEO successions must be messy, vindictive battles. When John Costas handed over in June to Huw Jenkins, his global head of equities, it was the culmination of almost a year of planning. It was a fitting end to a successful term for Costas, and Jenkins's appointment recognized UBS's success in equities. Euromoney speaks to both men about Costas's legacy and what Jenkins plans to do next.

John Costas speaks to Euromoney about the achievements of UBS's investment bank during his tenure as chief executive and the legacy he leaves to his successor.

Its high industry rankings suggest that UBS's bold drive to build a private banking business onshore across Europe is paying off. The bank soars above the competition according to our second annual survey. But the cost has been substantial. And there remain plenty of niches in which its rivals can excel and turn good profits. Helen Avery reports.

Of all the global investment banks, UBS has perhaps the most unlikely provenance, rooted as it is in private-banking skills. After transformational acquisitions a new UBS has emerged that means business. Group CEO Peter Wuffli outlines its ambitions in Asia.

Between them, UBS and Deutsche Bank now handle almost a quarter of all client trading volumes in foreign exchange. Their global dominance reflects crucial changes in clients' behaviour. Other banks that have been slow to emulate their strategies are suffering.

UBS Wealth Management, Sarasin, Bordier & Cie, Credit Suisse Private Banking, Coutts, Bank Privat, Degroof, Mandatum, SG Private Banking, Sal Oppenheim, CenE Bankiers, Banif, Cuatrecasas, Carnegie, Citco, Man Group, Noriba, UBS, PwC.

Asia's high-net-worth individuals are getting richer quicker than those anywhere else. Wealth management has never been so competitive in the region but is a potential goldmine for the smartest bankers. Chris Leahy reports.

The very richest clients of private banks are natural candidates for the services of investment banks. Hence the big banks' efforts to foster links across their own activities. Welcome to the world of the double-sided business card. Mark Brown reports.

UBS

UBS

John Fraser doesn't often have two hours to spare for a meeting at his London office. The jovial Australian CEO of UBS Global Asset Management (UBSGAM) currently spends 60% to 70% of his time travelling.

Following last year's surprise jump up the rankings, UBS has now made it to the top of the market share table in Euromoney's annual forex poll. Katie Astbury reports; research by Andrew Newby, Paul Pedzinski and Dave Skallinder.

Awards for Excellence 2002