Dealbreaker’s Doyenne Bess Levin opines: “So far, the trading scandal doesn’t appear to have significantly hurt the confidence of UBS’s wealthy clients, who had pulled hundreds of millions of francs from the bank in 2008 and 2009 after Swiss authorities had to bail out UBS following about $50 billion in securities write-downs. A bruising tax evasion battle with the U.S. also drove clients away. UBS only managed to stem the exodus of clients late last year…
UBS AG's net profit fell 39% in the third quarter, as Switzerland's largest bank sustained losses from a trading scandal and was hit by a sharp global slowdown in client activity at its investment bank, the Wall St Journal writes.
UBS said net profit fell to 1.02 billion Swiss francs ($1.16 billion) in the third quarter, down from 1.67 billion francs a year earlier. The results included a large accounting gain as well as a solid performance by UBS's private bank, which helped offset losses at its investment bank.
UBS chalked up an accounting gain of 1.8 billion francs on a decline…
Read more at http://online.wsj.com/article/SB10001424052970204644504576652242746085656.html?mod=WSJ_hp_LEFTWhatsNewsCollection
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