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April 12, 2010

WSJ: UBS expects $2.35bn 1Q10 profit

By Spear's

ZURICH—UBS AG said Monday it expects to swing to a pretax profit of at least 2.5 billion Swiss francs ($2.35 billion) when it reports first-quarter results next month, adding that outflows from wealthy clients are slowing.

ZURICH—UBS AG said Monday it expects to swing to a pretax profit of at least 2.5 billion Swiss francs ($2.35 billion) when it reports first-quarter results next month, adding that outflows from wealthy clients are slowing.

The result would be the second quarterly profit in a row for the Swiss bank, which has been struggling to win back the confidence of wealthy customers and investors after a series of losses and a long-running tax evasion spat with the U.S.

UBS didn’t elaborate on how it had made the profit, but the statement comes two weeks after the bank issued a confident outlook for its fixed-income unit, which was at the root of most of UBS’s massive write-downs.

To read the full story, visit wsj.com

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