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S U B S C R I B E
Tuesday, 9 February, 2010
UBS wins back profits, but not customers
Money from wealthy clients is still haemorrhaging from UBS—that’s “outflow” in business speak—despite fourth quarter profits of 1.2 billion francs. CEO Oswald Grübel said in a statement that the figure will increase clients’ confidence in UBS, but many analysts are pointing out that Switzerland’s biggest bank got into the black thanks to a one-off tax credit and bonus payment cuts. To get an in-depth look at the problem, WRS’s Conor Lennon called on Rainer Skierka, an analyst at Bank Sarasin in Zürich, and Stewart Hamilton, professor of accounting and finance at the IMD business school in Lausanne:
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