UBS Hopes Big Profit Will Lift Client Confidence |
New York Times - Apr 12, 2010 |
UBS reported Monday that pretax profit in the first quarter was “at least” $2.4 billion, the highest in more than two years, after a recovery of its debt trading business.
Switzerland’s largest bank also said that net withdrawals from its wealth management units were slowing, as the repercussions from big losses during the credit crisis — and the bank’s agreement to release some client data to U.S. tax authorities — abate.
Outflows totaled about 15 billion francs, or $14 billion, in the first three months of this year, about a third of what clients withdrew in the fourth quarter of last year.
Read Full Article from New York Times
- Posted: 2010-04-12 10:35:01
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