TIMELINE-UBS forecasts moderate withdrawals after strong Q1

May 4 (BestGrowthStock) – UBS AG (UBSN.VX: ) (UBS.N: ) boss Oswald
Gruebel predicted moderate asset withdrawals in the short term
as the Swiss bank’s forecast-beating quarterly results start to
boost client confidence and wealth advisors’ morale.
[ID:nLDE6421E5]

Following is a summary of events at UBS in the last 14
months:

Feb. 10, 2009 — UBS posts a 2008 loss of 21.3 billion Swiss
francs ($20.3 billion), the biggest annual loss for a Swiss
company. Cuts 2,000 jobs.

Feb. 18 — Agrees to pay a $780 million U.S. fine. Ordered
to identify certain U.S. clients to settle criminal fraud
charges that it helped rich Americans dodge taxes.

Feb. 19 — U.S. tax authorities say they are still pursuing
a civil lawsuit seeking details of 52,000 UBS clients.

Feb. 26 — UBS appoints Oswald Gruebel, who masterminded a
turnaround at rival Credit Suisse (CSGN.VX: ), as CEO.

March 4 — UBS Chairman Peter Kurer steps down, replaced by
Kaspar Villiger, a former Swiss finance minister.

Aug. 19 — Switzerland says it will hand over details of
about 4,450 bank accounts to the U.S. authorities as part of a
deal to settle a civil litigation over the UBS tax case.

Aug. 20 — Switzerland sells its 9 percent stake in UBS for
5.5 billion francs, making a solid profit from the previous
year’s rescue of the bank.

Nov. 3 — UBS announces its fourth consecutive quarterly
loss and reports client outflows of 36.6 billion francs.

Jan. 8 — A Swiss court rules that regulator FINMA broke
bank secrecy laws when it ordered UBS to hand over the files of
nearly 300 clients to the U.S. authorities.

Jan. 22 — A UBS client wins a Swiss court appeal to prevent
her account data from being given to the U.S. authorities,
casting doubt on Switzerland’s ability to deliver details of
4,450 UBS client accounts to the United States.

Jan. 27 — Switzerland says it will talk to Washington in a
bid to resolve the legal impasse.

Jan. 31 — Gruebel says he won’t take a bonus but employees
will have to be paid bonuses to prevent the best from leaving.

Feb. 9 — UBS posts its first quarterly net profit since
Gruebel took the helm, making 1.2 billion francs.

Feb. 24 — Switzerland will ask parliament to turn into
binding law the deal with Washington that got UBS off the hook
in the tax evasion case, plugging a legal hole that is stopping
it from honouring the agreement.

April 12 — UBS unveils ahead of annual meeting its highest
pretax profit since the credit crisis began, saying profit for
the first three months of 2010 is “at least” 2.5 billion francs.

April 14 — In its annual meeting, Gruebel says UBS will
continue to bleed client money despite lower Q1 withdrawals. He
said stopping clients pulling cash from its key wealth
management division was a priority.

April 22 — Switzerland unveils tougher liquidity rules for
UBS and Credit Suisse (CSGN.VX: ) which require the banks to hold
an adequate reserve of first-class liquid assets to weather
outflows over 30 days in crisis.

May 4 — Gruebel predicts moderate asset withdrawals in the
short term as UBS posts a first-quarter net profit of 2.2
billion Swiss francs ($2 billion).

Investing Research

(Compiled by Lisa Jucca and Albert Schmieder with David Cutler
and Carl Bagh from the London Editorial Reference Unit; Editing
by Elaine Hardcastle)

TIMELINE-UBS forecasts moderate withdrawals after strong Q1