UBS record £790 million quarterly loss
UBS record £790 million quarterly loss
Tuesday 4th August 2009
UBS have reported losses of £790 million for the last quarter, although this is slightly improved on figures for the first quarter of the year.Switzerland's biggest bank saw losses in the last quarter which were almost four times greater than for the same period last year.
The bank said they were "significantly affected" by charges, with the bank bosses saying: "Overall, our outlook remains cautious, consistent with our view that economic recovery will be constrained by low credit creation and the structural weaknesses in consumers' and governments' balance sheets."
Earnings had been hit by a credit charge of 1.2 billion (£666 million) Switzerland francs, restructuring charges of 582 million francs (£322 million) and 492 million francs (£273 million) incurred in relation to the sale of UBS Pactual, the bank's Brazilian financial services business.
The bank said: "Market conditions improved steadily during the second quarter, with asset prices rising as investor confidence began to return in many credit and equity markets.
"In spite of these positive economic signs, the overall economic environment in most of the regions in which we operate remains recessionary. Sustainable recovery is not yet visible."
The bank also said their staff were down by 4,400 to 71,806, and as announced earlier this year they would continue to reduce the number of staff to reach 67,500 by 2010.
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