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Further hefty loss for UBS

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by Kay Mitchell

UBS, which is Switzerland’s largest, bank, has reported a second quarter loss of SwFr1.4 billion (£790 million).

However, the loss is marginally better than the first quarter loss of SwFr1.98 billion (£1.2 billion).

The Swiss banking giant said it remained cautious about its prospects, in view of the challenging environment.

UBS is among one of the worst hit victims of the sub-prime crisis due to its exposure to the sub-prime mortgage crisis in the US and has announced substantial job losses.

UBS Chief Financial Officer, John Cryan, said: “The results are disappointing. But we see some encouraging signs.”

The bank has been at the centre of an investigation by US authorities involving alleged tax evasion by its clients.

In stark contrast, rival Swiss banking giant Credit Suisse, announced a second quarter profit of SwFr1.571 billion – an increase of 29% compared with a year ago.

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News posted: August 4, 2009

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