Break-even best UBS can hope for
Published Date:
05 July 2008
SWISS banking giant UBS said it would at best break even with its second-quarter results as the global financial turmoil continues to rock the firm.
The group confirmed that its results were "likely to be at or slightly below break-even" after further write-downs on investments hit by the credit crunch.
The figures would have been worse if not for a SFr3 billion (£1.5bn) tax break on its losses to date.
UBS has written off more than £19bn since the crisis began last summer. In May it announced plans to cut 5,500 jobs.
The full article contains 104 words and appears in The Scotsman newspaper.
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Last Updated:
04 July 2008 9:11 PM
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Source:
The Scotsman
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Location:
Edinburgh
