Financial Times Summary

UBS - US Congressional investigators will today accuse UBS and Lichentenstein's LGT Group of using the "cloak of bank secrecy laws" to help American clients evade billions of dollars in taxes. UBS told committee investigators it held 19,000 accounts worth $18bn for US clients that it had not declared to the IRS. In 2001, when tax rules, under the so-called Qualified Intermediary Programme required foreign banks to disclose the names of clients holding US securities, UBS's US clients in Switzerland sold $2bn in such assets to avoid disclosure the report claims.

HBOS- Underwriters to the HBOS rights issue were last night preparing to pick up the tab for the UK mortgage bank's £4bn cash call after a fresh slump in the stock made it highly likely that shareholders would shun the fundraising.

Barclays- Shareholders in Barclays are expected to avoid a £4.5bn capital increase. Investors have until 11am today to buy to buy new shares at 282p of face the prospect of investors led by the Qatar Investment Authority taking up the issue in full. Barclays' shares closed at 266.75p, up 6.25p.

Icap- Shares in Icap closed higher after the interdealer broker continued to benefit from market volatility with a 15% rise in quarterly revenues, Icap confirmed that annual earnings were likely to be "broadly in line" with analysts' consensus of £375m, compared with year-to-March earnings of £330m, sending its shares up to more than 8.5%.

Swiss Re- Shares in Swiss Re tumbled yesterday after the reinsurer said it has $9.6bn of exposure to corporate debt issued by Freddie Mac and Fannie Mae, the beleaguered US mortgage finance companies.

Citigroup-Wells Fargo passed Citigroup to become the third-biggest bank by market value after its shares rose 33% on second-quarter results that were better than expected and an increase in it's dividend.

Merrill Lynch - Merrill Lynch is to sell its 20% stake in Bloomberg for about $4.5bn in the latest sign of bank's need for fresh sources of capital to shield them from the credit storm. But Merrill is set to retain its far more valuable 49% holding in BlackRock-and prolong its relationship with the asset management group-after weeks of talks between the groups failed to produce a deal. Merrill had hoped to get more than $4.5bn for the Bloomberg stake.