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4-Traders Homepage  >  Equities  >  Swiss Exchange  >  UBS Group    UBSG   CH0244767585

UBS GROUP (UBSG)
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UBS : SEC fines UBS $3.5 million for overcharging mutual fund customers

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10/27/2017 | 11:46pm CET
FILE PHOTO -  The logo of Swiss bank UBS is seen in Zurich

(Reuters) - UBS AG will pay a $3.5 million (2.67 million pounds) civil fine to settle U.S. Securities and Exchange Commission claims that it overcharged customers on mutual funds, the regulator said on Friday.

The accord resolves charges that from January 2010 to June 2015, UBS Financial Services Inc failed to provide sales charge waivers or offer lower-cost shares that retirement plan and charitable organisation customers were entitled to, and did not disclose it would make more money by selling costlier shares.

UBS has reimbursed $18.5 million to customers holding 15,250 accounts that were overcharged, and converted eligible customers to the lowest-cost shares possible.

The Swiss bank will also try to locate 970 customers who have yet to cash or deposit their payments, or who have moved, the SEC said.

UBS did not admit or deny wrongdoing. A spokesman said in a statement that UBS was pleased to settle, and had largely completed the process of fully reimbursing eligible customers late last year.

(Reporting by Jonathan Stempel in New York; Editing by Richard Chang)

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Financials ( CHF)
Sales 2018 30 219 M
EBIT 2018 6 571 M
Net income 2018 4 814 M
Debt 2018 -
Yield 2018 3,94%
P/E ratio 2018 13,37
P/E ratio 2019 11,30
Capi. / Sales 2018 2,27x
Capi. / Sales 2019 2,19x
Capitalization 68 598 M
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Technical analysis trends UBS GROUP
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Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 28
Average target price 19,8  CHF
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
Sergio P. Ermotti Group Chief Executive Officer
Axel A. Weber Chairman
Sabine Keller-Busse Group COO & Head-Human Resources
Kirt Gardner Group Chief Financial Officer
Michel Demaré Independent Vice Chairman
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