Plummeting profits reinforce UBS caution

Switzerland’s biggest bank UBS has reported a SFr3.3 billion fall in profits to SFr4.2 billion ($4.56 billion) last year in the wake of a rogue trading scandal.
The bank predicted a tough year ahead as fourth-quarter profits tumbled 76 per cent to SFr393 million. A poor investment banking performance led the decline, in common with other financial institutions.
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