this is "countdown." >> ubs reported its latest earnings in the half or so. a look at the future. not a bright one. thank you for joining us. ubs is very focused on rebuilding return on at footie for their -- return on equity for their is this. are they generally on the right path? >> definitely. after many years of crisis beginning with the subprime loan crisis and exposure to the irs tax dispute and other big andes, ubs is come on unsustainable pass. they have the right governance and the announcement that they are thinking of [inaudible] which will reduce risk of another bailout is a positive sign and it is definitely the right step. >> there are doubts that ubs can hit that 15% return on equity target by 2016 just to put it in perspective. the figure was 8.7% in the first quarter. do you share those doubts, can it meet that target? is it --sonal opinion investors should not only look at share performance and the return on equity because it is a .ood sign they are currents earned about a sustainable path, sustainable development and risk management rather

ubs trades higher. credit suisse shares take a hit after reports it would pay a bigger than expected pine for the u.s. tax probe. as ttrazeneca announces u.s. approval of a key heart disease drug. and hollande calls the bid for alston unacceptable and focusing on getting better offers if the firm. >>> a warm welcome to today's program. plenty to get through in the corporate news front. we'll be focusing on the bank sectors. but before that, we have the final print of the eurozone pmis. and they have come in at 53.1. they were forecast at 53.1. but it's the highest since june 2011. com miss composite 54, german 53, forecast at 55. italian april surface pmi, 51.1, and that was forecast at 50.2. french services pmi, 50.4. so again the two economies most concerned about coming into the beginning of the year showing continue rebound. euro-dollar up to 139.20. up to the best levels of the session. in fact we're up to nearly the highest in three weeks. joining us with his you views and for the first part of th

ubs crossed that rubicon years ago.e understand that credit suisse could be close to selling their financial issues -- settling ther financial issues with justice department. so far, they have set aside $700 million. still a bit of room to go there. this is where they're going to house all their accounts they are involved in in america. you have active and dormant accounts. say,in many ways, people is about protecting credit suisse if they have to go with this guilty plea. of course, this would be a very big issue for credit suisse. for one. get two >> manus, thank you so much. manus cranny with the very latest on ubs and credit suisse. financials, johnny, you are stockpicking. anything to be done with financials? it seems that some of the problems are being settled, but we still don't know the exact figure. we're three months away from the quality review by the ecb. should we just wait? >> i have been very uninspired by investment banking model's past and present. i have not seen anything going forward that would lead

it is a mixed bag of results according to ubs. high expectations.dvertising growth below estimates. here with a little bit more is caroline hyde. i just mentioned ubs. what is your take? >> i do not think it deserves to be the worst performer. it is lacking the blowout numbers. many are pinning many hopes on the world cup. this is a company that is going to have 32 exclusive live games of the world cup. they are sharing with the bbc, the coverage. the world cup brought in 47 million viewers for itv. many thought this would lori and -- lure in the advertisers. not blowout enough, so say many. maybe the market got to euphoric ahead of the itv numbers. >> thank you for that. head of trading strategy over at citigroup. before he went to the break, we were touching on europe and the conversations with various investors. what is your view? what is european qe? the way our economist have been describing it is a three-step approach. the first one is to lower rates. the second is to ease credit conditions because negative rates on the deposit side may have s

. >> ubs reported profits that surpassed estimates. profit rose 6.7% from a year earlier. our markets editor manus cranny is over there in zÜrich. run us through the numbers. what is the number going to be focusing on? >> i think they are going to focus more on three keywords. return on equity? target.king to the we are on the way to the promised land. reducing --d assets moving the target on risk weighted assets in the businesses they don't want to be in down to 40 billion. management brought in new

ubs got it done quickly. this has dragged on for credit suisse. weapon under pressure by a lot of people in the u.s. to get a big scalp. really could be seen as a victim in all of this. has also been under a lot of pressure to say what is going on at this bank. he testified just a couple of months ago. he said look, it was a fuse was bankers who skirted the banks control. he emphasizes his lesson one percent of global bank rough ability. it might've been a small slice of profit, but that is a huge find. questions will be asked about brady's future. >> they have to give out names as well. >> you have not seen the same exposure as ubs. of people are asking what happened to oversight in the last couple of years with this bank. >> thank you very much. >> let's talk telecom. france's economy minister -- david, make some sense of what is going on here. story going to tell you a . it into the store you will have a better idea of the complex complexities in the race -- the relationship between companies and the government of france. the industry minister,

goldman sachs learned that less -- learned a, didn't ubs lesson? in the global markets business they are practically dead. >> no, not at all. >> ubs is kicking it where? >> they are still one of the biggest ones in the world. >> done remarkably well. >> does a guilty plea actually matter? we have credit suisse going over and saying we will make sure this doesn't impact their business, then what's the point? >> you make a very good point. >> if you are an individual doing a guilty plea on a criminal charge, it is fatal to your career in finance. if you can contain this -- a dirty word from the subprime crisis -- if you can contain this to a subsidiary and not have this spill over -- but the other aspect is fascinating. wasn't holder the administrative person who said we really don't want to mess with these banks, hey are too big to jail? this is a full 180 from the adc we heard out of is office a couple years back that did not allow prosecutions to the place. >> that's not true, they were never too big to jail. >> that is his quote. >> you had every

. >> ubs agreed to pay about $50 million. under the terms of settlement ubs did not admit any wrongdoing. >> jon: that's how we do. [laughter] you say when you are caught, while i clearly have done nothing wrong, i know you are a busy man and your time is valuable so here is a little something for your troubles, you know what i mean? get the government's wife something nice, maybe a tennis bracelet. hey, gabbagoul. [ laughter ] but as wall street suffers, the real perpetrators of financial district wrongdoing continue to pay no price. talking about occupy wall street. i'm sorry. i'm sorry. mic check. i'm talking about. i'm talking. about occupy -- about occupy, wall street, wall street. [ laughter ] really you are going to (bleep) do that, really? they really did become the peoples mic phone. these occupy wall streeters after victimizing wall street job creators by drumming in their general have sinity, by wag their fingers in a threatening manner or crudely marketing the pepper spray with their faces. the occupiers have gott

considerably more than ubs got fined, seema. >> right.posing the largest penalty, this after a lengthy criminal investigation into allegations the swiss bank recruited u.s. clients to open swiss accounts, hem them conceal accounts from the irs and enabled misconduct by employees. credit suisse agreed to pay about $.6 billi $2.6 billion to government and regulators. u.s. attorney eric holder said the conspiracy spanned decades. >> the bank went to elaborate lengths to shield them from their criminal actions. they destroyed bank records and concealed transactions involving undeclared accounts by limiting withdrawal amounts and using offshore credits and debit cards to repatriate funds. >>> jpmorgan, earlier this month, glass lewis recommended that shareholders vote down ceo jamie dimon's pay raise. he plans to stay at the bank for as many as five more years. ross? >> yes. good for him. >> yes. doesn't look like he's going anywhere. >> no. i'm sure he'll be rewarded for it as well. seema, good to see you. thanks very much. i didn't get purpl

ramin nakisa of ubs investment bank. coming up, carney in control.ooks set to key policies on control at the housing market surges. daly, that is coming up next. back in just a couple of minutes. ♪ >> welcome back to "on the move ." i am francine lacqua at bloomberg's european headquarters in london. we are 30 minutes into the trading day. this is a picture of the markets. we have had a lot of earnings all week. this is what we are seeing in today's trading session. the ftse gaining some 0.3%. the cac 40 gaining 0.5%. this is the first time we are seeing gains across the indices in five days. posting betterp than estimated earnings. investors waiting for two key policy decisions. little change is expected. let's take a look deeper. manus cranny is at the touch with three stocks to watch. barclays, i bet you, is one of them. >> it is just a question of which percentage is achieved. the three stocks that are moving perhaps the most, barclays up 3.49%. not a gargantuan move. you just spoke to jenkins. cutting costs. choosing what businesses jake and wan

ceo of ubs wealth management joins us from the ubs family of the summit in singapore.nks very much indeed for joining us. good to see you this evening there in singapore. how are your clients feeling right now about investments? we sort of seem to be in a market where the bulls are unhappy because things aren't going up and the bears are unhappy because nothing is going down. >> that actually summarizes it quite well, right? everybody's actually looking for opportunities for growth but at the same time, wealth reservation is still the key topic. so it's a mixed bag and people want to share views, want to discuss themes, see what's on the minds at the forefront, clearly it's china, slowdown, after the election in india, people are sort of creating hopes there. there's lots of things going on, it's fascinating to be with them. >> you're in asia. you've come out early this year, say 70% of your net investment is going into asia and the emerging markets. what does that translate into in terms of staff and getting inflows and funds under management in that region? >> so loo

so we do not have any names from whistleblowers like we had in the ubs case.n this case, they are invoking swiss secrecy. allow no credit suisse executives will be going to jail , a facilitating tax evasion new york city judge has sentenced a new york city protester to three months in jail and five years probation. she was arrested as protesters reacted into connie part. she was accused of deliberately striking an officer with her elbow. she says she instinctively swung her arm after being grabbed on the breast from behind. her case sparked a national outcry and pleas for leniency. even the majority of the jurors who found her initially guilty. many said it should have been about the police assaulting her. >> supporters of mcmillan spoke outside the courthouse. speakers included lucy parkes, and her surrogate model -- mother. first, her lawyer. >> history will say there was over policing of the occupy wall street movement and essentially, object ofecame an prosecution. i do not see any reason why she would be prosecuted for a felony except to send the message

julian emmanuelle is with us from ubs.he fed has expressed confidence that we can grow going forward given the fact that we are continuing to taper. now we are seeing corporate executives express the same confidence in m&a. a month ago, we predicted it could grow by 17% this year. now, the numbers look like it's closer to 40%. >> will we see nominal gdp? you guys say the word confidence too much. that's what this is about. >> we were just talking about capex. m&a is just buying someone else's capital stock. you will get rewarded for that in the future. i bring it back to getting off the zero rate environment. i think zero rate of the most corrosive thing that anyone has ever seen and if you want proof look at japan. >> will the regulators approve this? >> that's out of my purview. deal? you banking the weeds, getting into the there is an index where they look at market share and that problem is that index is really high. there is serious concentration already. >> you are in the microworld today. >> i can't keep up with you

that is higher than ubs.back to you guys. >> thank you so much for the very latest. >> the french president says that ge cost bid is not sufficient. earlier, they said they welcome the input from the french government and the improvements. this for me.nslate >> it is always a challenge with the french government, particularly given that, last week, it seemed that francois hollande was declining to intervene. we have seen a rather coordinated message and hollande. he said that they would like to see the been improved. it is hard to understand what improved means. when you hear improved from the market perspective, you think of more money and that is not what the french government is after. they seem to be confirmed about the possibility that ge could transfer the cash. so, they are trying to ensure the best outcome for france here. down note shares are too much. a little bit. the market is a little bit jittery about political interference here. they kind of backed off. it depends on how the company positions o

. >> a lot bigger than ubs. what were the numbers, $750 million? $780 million. this would be three times as much. what is the risk here? there is a guilty plea involved. >> a lot at stake. the parallels are going to be drawn. ubs felt with as quickly. settled in 2009, the investigators what they wanted. a lot of people tell you that credit suisse may be taking a lot more time over this and a lot of criticism has been attributed to brady dougan himself, the ceo. he testified in front of the u.s. senate in february. he said this is a small group of swiss bankers that skirted the bank's control. he emphasized this was a very small slice of global profitability at the bank. less than 1%. , $2.5hunk of change billion. for a man who has been with the bank since 1990, the ceo since 2007, he has made significant progress. he has worked very hard to deal with this issue but he didn't know this was happening. when this was happening? >> jon ferro with the latest on credit suisse. >> the swiss are going to the polls on sunday to vote on two key issues. one concerning fight

>> ubs was early in getting the memo from regulators. we saw barclay's. better late than never. citigroup has gone some of the way. bank of america, i want them to do more. i was at their meeting last week. >> they have more regulatory pressure coming? >> i think this regulatory pressure, you have it in different ways. you have the regulatory find. you saw eric holder come out saying banks are not too big to prosecute. we'll see what happens there. and you have the ongoing regulatory pressure for the biggest banks. you saw the new york times magazine on tim geithner this past weekend. banks was listed 19 times. congress likes to talk about banks. we're talking about the six largest banks are 71% of the industry's assets. their first names are james, jamie, john, lloyd, chad and mike. so really if we're talking about banks, we're talking about six people at the top of these firms. we want them to run their banks differently. let's tell them what to do as opposed to talking about vague generalities. >> you gave us the name you did not like the most, and that was bank of new york,

a bit call from ubs. finish at a dollar 25, what you have seen in the last couple of uses a in the acb. that is about to turn around and that will move this will lower. the year and forecast is 1.32. these are the bloomberg top headlines is money. schools are closed today and international television stations are off the air in thailand. a day after the military seized control. the thai baht regained most of optimism over political stability. forces suffered their worst losses in the east since the conflict began with pro-russian separatists. voters go to the polls on sunday. two troubled eurozone countries have been upgraded and their economies begin to improve. fitch will increase greec elong-term debt's. standard & poor's raised spain's rating. >> an in home prices are at record highs. this morning, we get earnings from one of the companies specializing in property management and investment. max james, thank you so much for coming down. let's start with wembley, probably your biggest project. two third

for more on the markets art cashin, director for ubs financial services. good morning. >> looking at a match of consumer confidence what do you make of the data and what it means for today's trade? >> the morning's data is not going to be a problem for the bulls. they have the momentum back. they have a minor obstacle in the s&p, the area between 1910 and 1913. and if we push through that, then things should be all right. i think the big surprise so far this morning is that you didn't have more activity. there's been a lot of people short this market and for the s&p to make a record closing high, you would have thought they would break out a little further. the negative was it was the slowest day of the year, but the price is right. >> when you look at the s&p nearing an all-time high even today and the vix under 12 as we go into what is normally a slow summer, is that ominous or do you think that's a good sign in terms of the smoothness of the markets ahead? >> i'm not really an expert on the vix but i quoted two folks this morning in my comment, peter wh

we'll set down with fedex ceo fred smith and the former head of ubs bank robert wolf. plus, president obama seeks a united front on ukraine. >> the ukrainian government in kiev has followed through on the commitments that it made in geneva. we need russians to do the same. >> our sunday panel weighs in on growing questions about the president's foreign policy. and our power player of the week. brian stokes mitchell who has been called broadway's last leading man. ♪ dream the impossible dream to fight the unbeatable foe ♪ >> all are an on "fox news sunday." >>> hello again from fox news in washington. the scandal over how president obama handled the benghazi terror attack that killed four americans got new traction this week. under court order the administration had to release an e-mail from a top presidential advisor that indicates the white house helped shape susan rice's talking points when she appeared here and on other sunday talk shows five days after the attack. in those interviews rice claimed reaction to a video and ruled out a preplanned act of terror. joining

. >> video all based on the video game by ub soft called watchdog. it is an open world action adventure game set in chicago. david pierce, our character, our hero, chasing down this guy, aidan is also a hacker. he's got access to the entire grid in chicago. so just by using a cell phone, he can activate stop lights and all kinds of systems within the city to use it as part of his weaponry. >> so basically what we're watching is a real life version of a video game. >> that's right. and done by none other than debbie super tramp. yeah, he's getting out of the, hey, we're having fun video and getting into much more cinematic experiences, all shot in the higher definition of high definition these days. >> does so many of the outdoorsy videos that he almost never gets to do something scripted. >> eahe's going to be an oscar winning director, eventually. >> lots of cool moves in this, just like in the video game. you like the way this video looks, check out the actual video game. that comes out may 27th. >> a snorkeler swims among the jellyfish. >> this is

. >> target increased over 22% at ubs. >> trading up one-half of one percent, but ubs' target, $110.sing estimates as well, reflecting higher average selling prices, also, higher gross margins. their rating obviously is a buy. if you had a $110 target, you better have it as a buy rating. >> not unheard of. stock number four and to the focus -- >> big southeastern bank based in georgia. target, 29.50. about seven bucks of upside. about 30%. >> and last but not least, a really under the radar name, williams sonoma. >> upping their rating to overweight from neutral. the target, up to $85 from 71. the stock at 68. so, 85, about a 20% upside jump. put that in your pot and smoke it. let's bring back herb greenberg. are you there? >> i am here. >> okay, we're going to talk about a name you're raising a red flag on, but i've got to quickly ask you about the story that is burning up cnbc.com. earlier today at an investment conference, deutsche bank conference, larry fincke said they will never ever launch a leveraged etfe these are his words, powerful words, that leveraged etfs could quote, b

. >>> este humilde jinete sabe que tiene ub dura batalla por adelante que en la prÓxima correr todo puedegrito armo para que bueno rompieron en llanto primero, quiÉn lloraba mÁs duro ganaba la competencia es parte de peso festival acepto nar, cultura popular de japÓn dÓnde existe la creencia que el wlament fuerte de un bebÉ sirve para alejar malos espÍritus y ayuda que los niÑos crezcan mÁs sanos pero se imaginan el oÍdo ] >> esta persona me empezÓ a espiar. esa aplicaciÓn le permite escuchar con quiÉn estoy, que es lo que estoy haciendo... ¡todo! >> ¿y tÚ no sabes el por quÉ? >> exacto. >> habla con la verdad, te lo estÁ preguntando. >> permÍteme. >> ella es la culpable de lo que me estÁ pasando. >> pero no hay pruebas de que yo... >> desgraciÓ mi vida. me fui a hacer unos chequeos, como cualquier mujer, me dan los resultados y me dicen: mira, tÚ tienes papiloma humano. >> ¡oh! >> todo el mundo quiere salir de cuba, Él era extranjero y yo

we need to ub grade our budget system. we run a $600 million budget off a spreadsheet. we need a budget system to make sure we're aligning our funds appropriately and they're loading into our gl correctly. and our facilities management system. a couple years ago our [inaudible] resolution and we've been working to really understand what facilities we have available for the community, how to use the community, so we need to build out that system. the digital district plan -- one of the things we learned when we first built this is -- and went ran this by our funders is they really want to be able to buy part of the plan so we had to break -- we found that it's going to be effective to break the plan up into multiple components to people can put their stamp on that. so the sales force corporation is investing in the middle years. we broke them into nine different projects, which you can see up there. we talk about many of these. year one is intention is going to be next year. we're being aggressive for this and trying to raise funds to help support this and get into that

the case comes five years after rival ubs, the biggest swiss bank, was found guilty of similar charges and find a mere $800 million. let's see how that settlement went down on the market. here is right for. >> -- here is our correspondent in frankfurt. >> they did not pay less, but it could have been worse for credit suisse. they can keep their license for u.s. banking business. meanwhile, deutsche bank is also being sued on special bonds. they collected bonds one day after the announcement of this deal. but after the recent record high, investors are very cautious. >> that was our correspondent in frankfurt there. let's take a look at figures, starting in frankfurt with the dax. it was down by about a fifth of a percent. euro stoxx 50, off by a similar amount, fishing at 3160 three. over new york, the dow jones industrial average is also trading down by nearly a full percentage. and the euro, down against the dollar, 136.99. >> going to a short break. when we come back, more on the floods that have devastated large parts of the offense. >> we will take you to bosnia and to serbia wher

ubs report the loss of about two point three billion dollars of the first quarter of two thousand which team gets the net profit of six hundred and seventy seven billion dollars the company related losses to the taxpayer just about three billion to get it passed us and expository belts to the financial statements. the quarterly revenue increase compared to the sink your teeth off the scene by fourteen percent to four point two six billion dollars. the pivot system provide the parish of the biggest revenue growth of ninety percent was two billion dollars. this is a registered five point eight billion to account for the first quarter of two thousand fourteen thousand seven hundred forty eighth giving users the five of process. david took the bus was more than fifty two billion dollars. even when much of which increase the revenue by seven percent to two point one five billion dollars for the remains the largest source of revenue for the company. the total cost of goods purchased in the first quarter of two thousand fourteen amount to twenty billion dollars. total sales of different fabric

we found that bus drivers and train operators fired for accidents, ub sns sta bus, assault of a to passenger all ended up back on the job. and we uncovered a federal audit urging vta to reconsider its drug policy. >> some things are severe and safety issues. >> our sense is that the person should be determine naitded. that's where we made that move to begin with. but there's a negotiated process. pvta says it's not as faultd, pointss to a very powerful collective bargaining agreement with the union that requires the agency to rehire anyone who wins a days in arbitration. we will have much more tonight, including how vta's rehiring rate compares to other transit agencies and also how much it spents on back-pay after rehiring these people it fired. we investigate tonight at cle11. >>> if you have a tick for vicky or anyone else in our investigative unit, call us on our tip line. >>> attention cooks and foodies or people who just like to eat. a brand-new piece of technology is coming that can tell you if your food is safe. >>> yes, there is an app for that. food safety, a story you'll see only

drawn withls will be ubs. they paid a fine without a guilty plea. the u.s.ttorney general gave his opinion on how he thought they handle things. >> they failed to take basic steps to ensure compliance with taxation laws. when they began to feel pressure , theyply with the law were notified in 2010 and they failed to retain key documents which allowed evidence to be lost or destroyed. they conducted an inadequate internal inquiry. is that view on how credit suisse handled the investigation that leads some to believe that the department of justice went after them harder. significance of this stilted and? -- guilty plea? >> it has been politicized over the last months. they fired a warning shot for other banks. the business aspect of this is less clear. he spoke earlier on and said look, we do not see any material impacting the business. he is taking an optimistic point of view. there is concern among analysts and investors. the internal rules -- they admitted guilt to a crime. that is the big unknown. he said that you cannot give an answer to that. to be naÏve

joining me now is the head of emerging markets at ubs. with us this morning. 800 million people going to vote. how much of the potential for i exceeding two power is already priced in? , great shape.tics the turnout in this election has been massive. this is a record turnout. it has been largely free and largely fair. that says good things about a nation. that is where i think the good news ends. in by the market. they're expecting a majority. or aould get a rebound continued rise in the market in the short term. you could see numbers improving in the short term as far as the macroeconomic numbers. whether this government is likely to revive the structural downtrend remains in question. as a percentage of gdp has completely stalled in one of the -- india is that the risk of squandering and democratic ryan. -- squandering its democratic prime. we are missing the fact that large chunks of people from indian villages are not able to find employment in the manufacturing sector. >> 10-year note, that has a fiscal -- in your note, that has a fi

ubs analyst steve milanevic follows apple. good to sigh in person. >> good to see zblup what happened to this? we were talking about it ad nauseam for a day a week and a half ago and then nothing. >> i don't know if it's yet to be announced or not. apple tends to take its own time and so forth. but of course we're talking about a deal that's pure speculation at this point. but because apple does so little on the acquisition front it's get an inordinate amount of attenti attention. >> and you think the deal's okay? >> i think it is. obviously we need to see it announced and the terms and so forth but it would frankly be strange for apple which has passed on so many things many adjusts thought it should have bought to do a deal that turns out to be completely stupid. i think you have to give them a little credit. the bechkts of th this is obviously in the streaming realm pl. itunes radio hasn't been a huge hit. accessories like this keyboard. that makes sense. it also gets them into the younger crowd. just like they this max in

the lead is jointly owned by burlington northern santa fe and [inaudible] and union specific role. ub is the sole operating on. there's an urgent need to upgrade the track to increase the reliability and efficiency of rail service to the ports and provide capability for us actual locomotives to enter the port. here's a map of the lead. what have we done? the port applied for and fra rail line and relocation grant in october of 2010. we were notified of a $3 million award in september of 2011. the grant requires a 10% match making this a minimum of $2.2 million project. during 2012 and 2013 port staff completed pulmonary engine and work with the fra to develop project scope that fit the budget and meets the intent of the grant award. port staff applied for and received negative declaration from the city planning department and in april of 2013 and then in october 2013 we were here before the commission were you authorize us to accept and expend the grant funds. it's been a while and the holdup has been with the [inaudible] process. after the port we finally achieved compliance with [in

access used for the project and ultimately we come back to this bond to the port commission for approval ubs to prove those findings. we season these numbers before but to summarize financial terms of the project, the developer or development of 2 $49 of their equity. the board also good units equity in this project. $4.5 million report capital funds and another $250,000 in grant funding. to do with set up that the deal set up that's that debt service repaid [inaudible] equity and rate of return show here of 14%. once the equity has been repaid there's a 50-50 sharing mechanism in the agreement between the port and the developer. also it's important note the participates in the refinancing and opportunities that would occur over laugh of the lease and the sale proceeds. the port receives a minimum rent in the year 20 even if the equity has not been fully repaid yet. that minimum is also subject to random adjustments according to index-based adjustments. overall the project is impossibly sunny for my dollar project and to cobble together that source of funding that amount of funding has been

why did ubs pay a third of the fine that credit suisse are paying.utive team handled this investigation better? of the u.s.opinion attorney general. >> they failed to take even the most basic steps to ensure compliance with tax laws. when the bank finally began to feel pressure to correct the legal practices and comply with the law, as a result of the justice department's investigation of which there are notified in 2010, credit suisse failed to attain key documents, allowed evidence to be lost or destroyed, and conducted an in adequate internal inquiry. >> mark, eric holder calls this an extensive and wide-ranging conspiracy. a wide-ranging conspiracy that nobody on the executive team, including the ceo brady dougan, new was happening. >> is this guilty plea anything more than a symbolic gesture? they haven't had to hand over any of the names of the people who were evading taxes like ubs. >> it is symbolic of the sunset is a big warning shot for other banks that may face a similar fate. on the business consequences, it is not clear. brady dougan say

prosecutors are seeking an arrest warrant for yoo wung ub n byung-eun. yoo failed to report the court over the allegations. prosecutors on wednesday raided a compound near seoul that belongs to a religious organization linked to yoo. his whereabouts remain unknown. on thursday prosecutors sent investigators to question people who may be harboring him. their names were found on lists seized during the raid. prosecutors have confirmed part of the ferry operator's revenue was diverted to yoo. they will examine the flow of the money as they try to clarify what led to the operator's lax safety standards. >>> as the investigation continues, some young people in south korea are trying to turn the tragedy into hope for future generations. nhk world's anna jung explains. >> reporter: high school and university students in seoul urge people to understand the importance of safety. each person writes a pledge on a postcard. it will be mailed to the writer on april 16 next year, one year after the sewol ferry tragedy. kim young ouk, a 20-year-old graduate student, st

ubs, credit suisse have done it. i think this legacy asset that he is going to create is a little bit if rent in that the huge loss of those other institutions with the bad banks, the assumption is what anthony jenkins will do today in terms of creating his bad bank may not --it will have legacy assets >> and exit. >> european retail, they have been trying to flog it for a couple of years. fixed income commodity, which part of this du not want to be in? along with that, i think there's a big issue about culture. if you do and dammed if you don't. >> some people resigning in leaving the bank impacting the culture. how much of an issue is that, you wonder. you have the big rainmakers and big names leaving , they exit. is this is the beginning of a death spiral? anthonye the words that jenkins actually used. the question for me is are you a ?ostage to rainmaker are you possible of prospering without key names? do you have enough business to survive as every business knows, you should be bigger than the people within it.