Will long-lost profits lure back UBS clients?
Swiss bank UBS on Tuesday heralded its long-awaited return to profitability as a possible turning point in its bid to stem a massive outflow of client funds.
UBS posted a fourth-quarter profit of SFr1.21 billion ($1.12 billion) but also said clients had withdrawn SFr56.2 billion over the same period, an escalation of the problem that saw the bank lose assets worth SFr147.3 billion in 2009.
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76 years after it was introduced, Swiss banking secrecy is under more pressure than ever before.
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