UBS announces it’s back in the black
Switzerland's largest bank, UBS, says it expects to make a small profit in the third quarter, ending a series of results in which the bank posted figures in the red.
The bank, badly hit by the United States subprime crisis, said in a statement on Thursday that it had “substantially reduced” its US commercial and residential mortgage-related assets, mainly through disposals.
It repeated that it expected 2009 would be an overall profitable year.
The statement came ahead of an extraordinary shareholders’ meeting at which new chairman Peter Kurer is expected to highlight a restructuring plan announced in August.
Analysts have been forecasting that UBS will announce further writedowns of about SFr3 billion ($2.7 billion) for the third quarter.
UBS said it would report its third-quarter figures as planned on November 4.
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