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UBS losses woe highlights crisis
03.11.09
Swiss bank UBS today revealed itself to be lagging well behind its rivals like Credit Suisse and Deutsche Bank in the global banking recovery.
For the third quarter running UBS made a loss, the second under its new chief executive Oswald Grübel.
He also admitted that he does not expect an immediate end to the withdrawal of funds by the bank's clients.
UBS's net loss of Swfr564 million (£336 million) was less than the Swfr1.4 billion lost in the second quarter but larger than average analyst forecasts for losses of Swfr207 million.
