“UBS AG (UBSN), Switzerland’s biggest bank, posted a second straight quarterly loss after booking a fine for trying to rig global interest rates and costs tied to job cuts.
The net loss amounted to 1.89 billion Swiss francs ($2.08 billion) in the fourth quarter, compared with a 323 million- franc profit a year earlier, the Zurich-based bank said today. Analysts surveyed by Bloomberg on average estimated a loss of 2.16 billion francs.
Chief Executive Officer Sergio Ermotti is cutting 10,000 jobs over three years and exiting most debt-trading businesses to concentrate on money management and boost return on equity, a measure of profitability, to at least 15 percent in 2015. The results today presented a mixed picture: While UBS accelerated a plan to slash risk-weighted assets at the securities unit to free capital, revenue from managing money for rich clients fell short of analysts’ estimates….”
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