Tuesday, February 04, 2014

UBS posts dramatic turnaround for 2013...

UBS, Switzerland's largest bank, on Tuesday reported a huge switch back into profit last year and accelerating performance in the last quarter.

The bank said that last year it made a net profit of 3.2 billion francs ($3.38 billion), up from a loss of 2.4 billion francs in 2012.

It took huge losses from the financial crisis and, in common with Swiss banks in general, is having to adjust to a new Swiss banking climate on many fronts, notably owing to an opening up of Swiss banking secrecy.

In 2012, results were set back by a fine from regulatory authorities over an international scandal concerning the rigging of the Libor interbank interest rate.

But UBS in 2013 began to benefit from a massive reorganization of its businesses, announced in October 2012.

 "A year ago, we said we would further adapt our business to better serve clients, reduce risk, deliver more sustainable performance and enhance shareholder returns," Sergio Ermotti, chief executive of UBS, said in a statement. Full story...

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