UBS AG has appointed two experienced finance industry professionals to key positions within the firm. Peter Charalambous has been appointed to the position of Executive Director - Head of Operations for Wealth Management and Investment bank, whilst Paul Alker recently took up his position as Director, Senior Client Advisor at UBS Wealth Management. Peter joins UBS with 24 years' experience in the international finance sector during which time he has worked on four continents. Prior to joining UBS, Peter had spent 14 years in senior roles at HSBC, where he worked in Hong Kong, Toronto and South Africa. Having moved to Jersey in 2007, he was appointed Head of Business for HSBC Global Asset Management (International) Limited, at the Jersey office, before moving to UBS. Paul Alker joins UBS with over 18 years' experience in the financial sector. Paul was born in Jersey and after leaving university, began his career as an insurance underwriter in 1989 before moving into the sales and advisory side of the business in the early 1990s. Most recently, Paul was Business Development Manager for HSBC Private Bank in Jersey before joining UBS and taking responsibility for Jersey-based High Net Worth clients and Channel Island-based intermediaries.

UBS AG managing director for equity capital markets Americas, James Palmer, is now the division's new head. Palmer replaces Tom Fox, who left the company in April. He will report to Steve Cummings and Sam Kendall, who serve as the head of corporate client solutions for the Americas and the global head of equity capital markets, respectively.

UBS AG has agreed to pay an initial $358 million to Assured Guaranty Ltd. to settle a lawsuit over money-losing residential mortgage-backed securities transactions. The Swiss bank has also agreed to reimburse portions of future losses under a new loss-sharing reinsurance pact, according to Assured. Both parties have filed an agreement in Manhattan federal court dismissing the lawsuit. In February 2012, Assured sued UBS for breaching promises about the quality of the loans underlying $1.5 billion worth of the securities, which Assured had agreed to insure. According to claims made by Assured, UBS had gotten inflated assessments for the investments from ratings companies. The mortgage-backed securities included a massive number of defective loans, Assured claimed in its complaint.