Auf wiedersehen, UBS

Net new money outflows totaled CHF 23.4 billion for Wealth Management & Swiss Bank; Wealth Management Americas reported net new money inflows of CHF 16.2 billion; net new money outflows slowed to CHF 7.7 billion in Global Asset Management.

UBS Q1 results out here.

Latest on the US UBS tax crackdown here.

First quarter net loss attributable to UBS shareholders of CHF 1,975 million.

Curiously enough, most of that comes on the back of CHF 1.9bn in further writedowns on monoline-insured positions. (Once upon a time, we would have instantly thought of a read-across to a bank like BARC, which still has very large monoline exposures. But Barclays uses magic monolines, as we have since learned.) The latest writedowns also mean that UBS has now taken, in total, more than $50bn in writedowns on structured assets.

BIS tier 1 ratio of 10.5% and BIS total ratio of 14.7% at quarter-end; pro-forma BIS tier 1 ratio of 11.0% including the effect of the announced sale of UBS Pactual

Risks and balance sheet further reduced; total risk-weighted assets under Basel II declined 8.1% during the first quarter to CHF 277.7 billion

Cost reduction measures under way; as announced on 15 April 2009, operating expenses expected to decrease by CHF 3.5 to 4 billion by the end of 2010.

= 8,700 job cuts, as announced April.

Related links:
Wealth arm bears brunt of UBS cuts – FT.com