UBS AG on Tuesday posted a third-quarter net loss, hit by three big charges, and cautioned that heavy withdrawals from wealthy clients will persist in coming months following a dismal performance from its private bank.
UBS AG on Tuesday posted a third-quarter net loss, hit by three big charges, and cautioned that heavy withdrawals from wealthy clients will persist in coming months following a dismal performance from its private bank.
The Swiss bank, among the hardest-hit banks by the financial crisis, swung to net loss of 564 million Swiss francs ($552.9 million), compared with a net profit of 283 million francs a year earlier.
Chief Executive Oswald Gruebel was cautiously optimistic about the bank’s prospects next year. “Having stabilized the bank’s financial condition and resized the business, I expect to see further progress in future quarters, particularly in 2010,” he said. “However, this progress will depend on market and other factors.”
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UBS continued to lose client assets during the quarter. Net new money outflows totaled 36.7 billion francs. The private bank, U.S. brokerage and asset-management unit all recorded outflows.
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