Arab Today, arab today ubs profits plunge 49
Last Updated : GMT 19:38:33
Arab Today, arab today
Arab Today, arab today

UBS profits plunge 49%

Arab Today, arab today

Arab Today, arab today UBS profits plunge 49%

Zurich - AFP

Swiss banking giant UBS said Tuesday that its second quarter profits plunged 49 percent compared to a year ago as a strong Swiss franc bit into earnings and revenues slumped on economic uncertainty. Profits reached 1.015 billion francs (874.8 million euros, $1.266 billion) for the three months ending June compared to 2.005 billion francs a year ago, and the bank warned that it would probably miss its mid-term target. The Zurich-based bank added that it would slash 1.5 to 2.0 billion francs in costs over the next two to three years, a move which would force it to book \"significant restructuring charges later this year.\" \"Banks’ returns have declined overall in the last 12 months, reflecting deleveraging and the actions being taken in advance of increased capital requirements,\" said Oswald Gruebel, UBS chief executive. \"We are responding to this changed environment and the weakening economic outlook by adapting our business and increasing efficiency. \"While our target for pre-tax profit set in 2009 is unlikely to be achieved in the original timeframe, our strong competitive positioning and our capital strength give us confidence for the future,\" added Gruebel. UBS had previously set a target to book pre-tax profits of 15 billion francs in the mid-term. Net new money for the second quarter was positive, reaching 8.7 billion francs, but just a fraction of the 22.3 billion francs recorded in the first quarter, said the bank. Its wealth management division recorded inflows for the Asia Pacific region and the European onshore business, but the European cross-border business posted outflows amid tighter scrutiny from tax authorities. The investment bank division meanwhile posted sharp falls in pre-tax profit to 376 million francs from 1.314 billion a year ago, as revenues slumped across the board. A levy imposed by Britain on bank liabilities that takes effect at the end of the second quarter is expected to shave about 100 million francs off the investment bank unit\'s pre-tax earnings in the coming quarters. \"Current economic uncertainty shows little sign of abating,\" said the bank. \"We therefore do not envisage material improvements in market conditions in the third quarter of 2011, particularly given the seasonal decline in activity levels traditionally associated with the summer holiday season, and expect these conditions to continue to constrain our results,\" it warned.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ubs profits plunge 49 Arab Today, arab today ubs profits plunge 49

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday