Tuesday, February 7, 2012

UBS AG has faced second consecutive quarterly loss

UBS AG, Swiss bank, has announced a second consecutive quarterly loss. 

From UBS,
Pre-tax profit was CHF 471 million in the fourth quarter of 2011 compared with CHF 888 million in the previous quarter, which included a gain of CHF 433 million from the sale of our strategic investment portfolio and CHF 85 million of restructuring charges. Excluding this gain, the gross margin on invested assets declined by 6 basis points to 91 basis points, as a result of lower client activity and lower interest income. Net new money inflows of CHF 3.1 billion were recorded in the fourth quarter.
The bank is expecting poor performance in the first quarter of the new year.

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