The Wall St Journal reports that UBS AG said Tuesday it will cut an undisclosed number of jobs as it slashes up to 2 billion Swiss francs ($2.48 billion) in costs after second-quarter net profit collapsed by almost half.
UBS reported net profit fell to 1.02 billion francs for the three months ended June 30, from 2.01 billion francs a year earlier. Revenue slumped 22% to 7.17 billion francs, as income from fixed-income activities slid. Meanwhile, UBS's flagship private banking arm also suffered from the strong Swiss franc, which ate into revenue, profit and assets held ...
Find out more at http://online.wsj.com/article/SB10001424053111903591104576469250456695570.html
No comments:
Post a Comment