04 Oct '11, 6am

UBS to post modest Q3 profit

UBS to post modest Q3 profit

ZURICH: Swiss banking giant UBS said Tuesday that it expected to post a slight profit for the third quarter, despite rogue trading which lost the bank $2.3 billion. "UBS expects to report a modest net profit for the group and positive net new money in its wealth management businesses for the third quarter of 2011," the bank said in a statement. When the bank first announced the discovery of the massive fraud perpetrated by 31-year-old trader Kweku Adoboli, it warned that it might be forced to report a loss for the three months ending September due to the unauthorised trade. However, the bank said it now expected a small profit even after taking into account losses from the incident as well as 400 million francs ($435 milllion, 329 million euros) worth of restructuring charges linked to its cost-cutting programme. Credit gains of 1.5 billion francs from its financial liabil...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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