Swiss bank UBS expects higher profits
UBS has today said it is predicting a net profit of SwFr2.5 billion (£1.5 billion, $2.4 billion) for the first three months of 2010.
The prediction comes ahead of the Swiss banking giant‘s shareholder meeting on Wednesday and the stock gained more than 3% in Frankfurt following the announcement.
UBS is among one of the worst hit victims of the credit crunch due to its exposure to the sub-prime mortgage crisis in the US and has announced substantial job losses as a result.
However, despite its losses and problems, in 2009, the bank distributed bonuses of £33.4 million to its 12 senior board members.
Furthermore, the bank is in the midst of an investigation by US authorities involving alleged tax evasion by its clients.