UBS reported greater profits because of cost controls in the final quarter. However, it also reported 56.5 billion Francs in Outflows of funds from the bank and with the Franc caught up to near ‘parity’ with the US $, things ar eindeed looking bleak for the bank. With Germans out on a mission to buy stolen data to recover interesting tax defaulter records, on the heels of an expensive brand damaging settlement in th US, the only Swiss example of a giant retail universl bank has crumbled and is trying to stand next to its brethren folk of cooperative banks and boutique wealth banks in the landlocked war neutral country.
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In the wealth management and Swiss bank unit, outflows nearly doubled to 33.2 billion francs from 16.7 billion francs, in part due to a tax amnesty in Italy as well as increased withdrawals by Swiss clients.Pretax profit in the division improved to 1.11 billion francs from 792 million francs in the third quarter, mainly due to lower personnel expenses and other cost reductions.
Bank results week
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