UBS Switzerland
UBS, the largest bank in Switzerland has issued its quarterly financial reports.
Analysts were surprised to see that the bank had reported a profit, after having suffered losses every quarter of the past year.
Their profit for the months of July, August and September have been of about 256 million dollars.
Bank representatives have declared that the present quarter is looking quite promising, due to the 6 billion Swiss francs they raised from the government and some operations with about 60 billion dollars.
Still, they fear the consequences of the world crisis; they are aware that the falling economy will most likely affect the financial situation of many of their customers which will immediately affect the bank’s revenues obtained out of fees and account administration taxes.
USB is undergoing a lot of changes lately and the latest is a personnel cut of about 1,900 people, which means their situation is not as good as one may think.
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This post was written by Dana Ciucalau on November 5, 2008
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