UBS IB profits tank 71%, issues grim Q3 outlook
UBS’s investment bank posted pre-tax profits of Sfr376m for the second quarter of 2011, a drop of 71.4% compared to the same period in 2010.
The Swiss bank blamed the strengthening Swiss franc and lower revenues in its fixed income, commodities and currencies business (FICC) for the fall. The firms FICC business made Sfr1.15bn of turnover in the quarter compared to Sfr1.703bn in the second quarter of 2010: a drop of Sfr553m or ...
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