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Business & Finance

Swiss bank UBS net profits down 49pc in Q2

ZURICH : Swiss banking giant UBS said Tuesday its net profit had plummeted 49 percent year-on-year in the second quarter
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By Abdul Ahad
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ubsZURICH: Swiss banking giant UBS said Tuesday its net profit had plummeted 49 percent year-on-year in the second quarter to 1.0 billion Swiss francs.

It said that as a "result of our intention to initiate cost reduction measures" of up to 2.0 billion Swiss francs, "it is likely that we will book significant restructuring charges later this year."

 

Copyright AFP (Agence France-Presse), 2011

 

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