UBS on Tuesday revealed a sharp acceleration of outflows from its once powerhouse private bank in the fourth quarter, even though the group returned to profitability in the period. Net outflows from the private bank doubled to SFr33bn ($31bn) in the fourth quarter from Q3, bringing the total for 2009 to SFr90bn. The withdrawals came after Sfr107bn of outflows in 2008. UBS’s overall Q4 result compared with a SFr564m Q3 loss, and reduced the loss for 2009 to SFr2.74bn from SFr21.29bn the previous year. See also Lex.

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