Bloomberg Morgan Stanley is doubling down on its efforts to help Mitsubishi UFJ Financial Group Inc. replicate the US lender’s highly successful wealth management business in Japan, where competition to serve rich clients is intensifying. The New York-based lender has dispatched Darren Spencer, the former chief operating officer of Morgan Stanley Private Wealth Management, to Tokyo to train staff and ...

Bloomberg French prosecutors and lawyers for the government said UBS Group AG should be ordered to pay $3.6 billion — 33% less than the original judgment — for allegedly helping French clients hide money from the nation’s tax authorities. Prosecutor Serge Roques asked a Paris court of appeals to impose a 2 billion-euro fine on UBS, acknowledging the limits set ...

Bloomberg Credit Suisse Group AG CEO Thomas Gottstein signalled he’d consider further separating the asset-management unit from the rest of the bank after the Greensill Capital collapse, as he steps up efforts to limit the reputational damage from the supply-chain finance scandal. Making asset management an independent entity is “potentially part of the plan,” Gottstein said in a Bloomberg Television ...