UBS, the Swiss bank embroiled in a US tax evasion probe, posted its third straight quarterly loss after being hit by restructuring costs and an accounting charge related to its own debt. UBS said its net loss widened to SFr1.4bn ($1.31bn) for the second quarter, up from SFr395m a year ago. Describing the loss as “unsatisfactory”, Oswald Grübel, chief executive, said  UBS had nonetheless taken important steps toward restoring profitability and regaining clients’ trust.

This entry was posted by Gwen Robinson on Wednesday, August 5th, 2009 at 5:16 and is filed under Capital markets, People. Tagged with ubs. Edit this entry.