Swiss bank UBS today posted a loss of 1.4 billion Swiss francs (£780m) in the second quarter of the year as it continued to struggle under the weight of disastrous investments in the American mortgage market.
Swiss bank UBS today posted a loss of 1.4 billion Swiss francs (£780m) in the second quarter of the year as it continued to struggle under the weight of disastrous investments in the American mortgage market.
Today’s figures represent the bank’s seventh quarterly loss in two years although they were an improvement over the first three months of this year when the loss was SFr1.98bn.
UBS has been one of the biggest losers of the credit crunch and has been forced to sack thousands of staff, write down the value of billions of francs worth of assets and retreat from its previously profitable investment banking operations.
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The bank, once the largest wealth manager in the world, said the outflows of money rose sharply in the quarter as investors pulled out assets. The net outflow in the quarter was SFr39.4bn, compared with SFr14.9bn in the first quarter.
The bank’s payroll dropped 4,400 employees during the quarter to 71,806.
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