WBull: UBS posts Q3 loss, shows more outflows - Spear's Magazine

WBull: UBS posts Q3 loss, shows more outflows

UBS AG on Tuesday posted a third-quarter net loss, hit by three big charges, and cautioned that heavy withdrawals from wealthy clients will persist in coming months following a dismal performance from its private bank.

UBS AG on Tuesday posted a third-quarter net loss, hit by three big charges, and cautioned that heavy withdrawals from wealthy clients will persist in coming months following a dismal performance from its private bank.

The Swiss bank, among the hardest-hit banks by the financial crisis, swung to net loss of 564 million Swiss francs ($552.9 million), compared with a net profit of 283 million francs a year earlier.

Chief Executive Oswald Gruebel was cautiously optimistic about the bank’s prospects next year. “Having stabilized the bank’s financial condition and resized the business, I expect to see further progress in future quarters, particularly in 2010,” he said. “However, this progress will depend on market and other factors.”

UBS continued to lose client assets during the quarter. Net new money outflows totaled 36.7 billion francs. The private bank, U.S. brokerage and asset-management unit all recorded outflows.

To read the full story, visit wealth-bulletin.com

 



 

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