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 |  Wall Street Journal -
Nov-03-2009Financial News: UBS Re-Emerges From 9 Quarters Of FICC Losses(topic overview)
CONTENTS:
- ZURICH -- Swiss banking giant UBS AB reported disappointing third-quarter figures, as its key private banking division failed to show signs of a turnaround and management signaled that it won't soon stem an outflow of its wealthy clients' assets. (More...)
- ZURICH, SwitzerlandA lack of catastrophe claims helped Swiss Reinsurance Co. record a nine-month profit of 103 million Swiss francs ($100.4 million) despite other limiting factors, the reinsurer said Tuesday. (More...)
- ZURICH, Nov 3 (Reuters) - Swiss bank UBS ( UBSN.VX )( UBS.N ) said it did not expect an immediate recovery of client inflows after a higher-than-expected accounting charge and withdrawals at all its key divisions pushed it into another quarterly loss. (More...)
- SWISS also reported a black-ink result for the third-quarter period, posting an operating profit of CHF 47 million. (More...)
- Net client outflows recorded were 36.6 billion francs, down from 39.4 billion francs in the previous quarter. (More...)
- Switzerland's largest bank, UBS, today reported a fourth consecutive quarterly loss after a charge to reflect an improvement in the company's own debt outweighed a rebound in trading revenue. (More...)
- The result is narrower than the SFr1.4 billion net loss in the second quarter of 2009 but larger than average analyst forecasts. (More...)
- The airfreight business of Swiss WorldCargo continued to show less-than-favourable trends in the third quarter, however, in the current business headwinds. (More...)
- Forecasts had ranged from a loss of SFr1.4 billion to a profit of SFr800 million. (More...)
- The bank had admitted in an earlier case to abetting tax cheats in the United States and paid 780 million dollars in fines. (More...)
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ZURICH -- Swiss banking giant UBS AB reported disappointing third-quarter figures, as its key private banking division failed to show signs of a turnaround and management signaled that it won't soon stem an outflow of its wealthy clients' assets. On the heels of strong results from its main rivals, the Zurich-based bank swung to a net loss of 564 million Swiss francs ($552.9 million) in the third quarter, from a net profit of 283 million Swiss francs during the same period last year. It was UBS's fourth consecutive loss-making quarter and came as a result of several heavier-than-expected accounting charges. [1] ZURICH (Dow Jones)--UBS AG (UBS) Tuesday reported a net loss for the third quarter due to three big charges and cautioned that heavy withdrawals from wealthy clients will persist in coming months following a dismal performance from its private bank. UBS, among the hardest-hit banks by the financial crisis, said its swung to net loss of 564 million Swiss francs ($552.9 million), after a CHF283 million year-ago net profit. Along with an own credit losses of CHF1.44 billion, its earnings were hit by CHF409 million in charges related to selling Brazilian investment bank Banco Pactual, and CHF305.[2]
ZURICH (Reuters) - Swiss bank UBS does not expect to win back assets from rich clients any time soon as it struggles to rebuild its reputation after a bitter U.S. tax row even as its underlying performance improves. Higher-than-expected accounting charges pushed UBS into its fourth consecutive quarterly loss as it reported disappointing total net withdrawals of 36.6 billion Swiss francs ($35.81 billion) at its key wealth and asset management divisions. UBS's results contrast with stellar profits seen at European peers Credit Suisse and Deutsche Bank which both took advantage of a rebound in investment banking at the time UBS was slashing its own operations.[3] ZURICH -- Swiss bank UBS AG reported a third-quarter net loss of 564 million Swiss francs ($542 million) on Tuesday, blaming accounting charges of 2.15 billion francs for keeping it in the red. The disappointing results - along with a warning that clients are still withdrawing more money from the bank than they are putting in - sent UBS ( UBS - news - people ) shares tumbling 8.4 percent to 15.90 francs ($15.39) by midday on the Zurich exchange.[4] Zurich, November 3-- Swiss bank UBS AG posted a third quarter loss of 564 million Swiss francs ($542 million) Tuesday, after being hit by accounting charges of 2.15 billion francs.[5]
The Swiss banking giant swung to net loss of 564 million Swiss francs ($552.9 million), compared with a net profit of 283 million francs a year earlier and a loss of 1.4 billion francs in the second quarter. During the quarter, UBS incurred a credit charge of 1.436 billion francs due mostly to the tightening of its credit spreads.[6] The bank had a net loss of 564 million Swiss francs, or $551 million, in the three months through the end of September, compared with a profit of 283 million francs in the same period last year. UBS said it had taken three accounting charges worth a total of 2.15 billion francs as costs for its debt rose alongside investor confidence in the bank'''s recovery.[7]
The Zurich-based banking giant says discounting the one-time charges it would have made a pretax profit of 1.56 billion francs. It says operating income rose 4 percent to 5.77 billion francs compared with the same period last year. The accounting charges stem from tightening credit spreads, currency exchange loss from the sale of its Brazilian unit UBS Pactual, and the conversion of mandatory convertible notes issued to the Swiss government as part of a bailout. The results reported Tuesday are the third quarterly loss this year and the second under new chief executive Oswald Gruebel.[8] Swiss bank UBS says it made a third quarter loss of 564m Swiss francs ($552m; £337m) after being hit by accounting charges of 2.15bn francs. The Zurich-based bank says that without these one-off charges it would have made a pre-tax profit of 1.56bn francs. The results are the third quarterly loss this year and the second under new chief executive Oswald Gruebel.[9]
For the third quarter, the Zurich, Switzerland-based reinsurer reported net income of 334 million Swiss francs ($325.6 million) compared with a loss of 304 million Swiss francs ($296.3 million) for the same period in 2008. "We are comparing a light catastrophe quarter this year to a heavy one last year, but the result nonetheless is quite attractive," George Quinn, Swiss Re's chief financial officer, said in a Tuesday conference call.[10] The group reported growth in net operating income of 388 million francs in life and health insurance, and 998 million francs in property and casualty, partly due to low levels of natural catastrophes in the third quarter. After a record annual loss of 864 million francs in 2008, Swiss Re had appeared on course for a turnaround this year when it reported a 150 million franc profit during the first three months. A heavy 381 million Swiss franc loss in the second quarter, which was largely blamed on its financial ventures rather than its core reinsurance business, had depressed the company's outlook for 2009.[11] Stefan Lippe, Swiss Re'''s Chief Executive Officer, said in a statement, '''During the third quarter of 2009, we continued to improve Swiss Re'''s financial flexibility through a combination of strong underlying performance in our core business and continued de-risking of the Legacy activities.''' He added that company excess capital is substantial. George Quinn, Swiss Re'''s chief financial officer said the company reported a profit despite some of the issues that plagued it in the second quarter, such as hedging of corporate bonds. '''Our core businesses have all performed well in the third quarter,''' he said, noting that property and casualty business produced a combined ratio of 84.5 (a 15.1 point improvement) thanks in part to the benign catastrophe season and disciplined underwriting. He also credited the performance of its life and health business that reported a benefit ratio of 80 percent which reflects the '''work of people in that business.''' Operating income for the p&c business increased from 685 million francs ($664 million) for the third quarter last year to 998 million francs ($968 million) this quarter.[12]
The world's second-biggest reinsurer posted a net profit of 334 million Swiss francs ($327 million) for the third quarter, against an average estimate of 115 million francs profit in a Reuters poll. Its property and casualty combined ratio, a measure of profitability, improved to 84.5 percent from 99.6 percent a year earlier, showing wide margins.[13]
ZURICH (Dow Jones)--Swiss bank UBS AG (UBS) is facing big challenges at its wealth management business, which is suffering from both homemade problems and structural changes in the business of managing assets for the rich, and may see more clients taking their wealth elsewhere in coming quarters. The Zurich-based bank said clients continued to pull out funds in the third quarter, resulting in net new money outflows of 16.7 billion Swiss francs ($16.2 billion) at its wealth management business, which includes private banking, or managing funds for very rich clients.[14] ZURICH — Swiss banking giant UBS on Tuesday plunged into further losses during the third quarter as clients shaken by the bank's financial troubles and spooked by tax scrutiny withdrew billions of dollars. The bank said in a statement that its net loss for the three months to September was 564 million francs (373 million euros, 552 million dollars), largely hit by credit charges.[15] UBS, the Swiss bank, which has just settled a long legal battle with U.S. tax officials over bank secrecy, said that it had been pushed into a fourth successive quarter of losses by high accounting charges as it restructured during the credit crunch. Its SwFr564 million (£335 million) third-quarter loss was higher than consensus forecasts and compared to a SwFr283 million profit a year ago as it took three big one-off accounting charges, including a big charge for the raised market valuation of its debt liabilities. The bank also revealed that fund outflows from its Wealth Management Americas arm had accelerated to SwFr9.9 billion in the quarter, from SwFr5.8 billion the previous quarter, hit by the long tax dispute with the U.S. authorities, who claimed that the bank was helping U.S. citizens to hide assets from the taxman.[16] The division now has a total of 7,286 advisors. On the upside, Wealth Management Americas also returned to profitability this quarter, posting a CHF 110 million ($107 million) pre-tax profit versus a loss of CHF 221 million ($214 million) last quarter. "While earlier this year, the UBS Wealth Management Americas arm had reported inflows (due to aggressive hiring), it is now also reporting outflows scarily close to the US$10 billion mark, almost double from the second quarter," Alois Pirker, research director of Aite Group, said in a statement. "These numbers clearly indicate that the firm is not in the position to gain market share from its wirehouse rivals." This is the first quarterly announcement on the watch of Robert J. McCann, the new chief executive of UBS Wealth Management Americas. McCann, the former head of Merrill Lynch's brokerage force, took the UBS job on Oct. 27 after months of speculation in the market involving the resolution of a dispute between him and his former employer, Bank of America, over a non-compete clause in his contract. Pirker added that McCann has "his work cut out for him" balancing the need to remain profitable with the desire to offer big sign-on bonuses to attract brokers and their assets.[17]
UBS had a net loss of 283 million Swiss francs in the third quarter of previous year. However sequentially, the bank has witnessed some improvement as it had a net loss of 1.4 billion Swiss francs in the second quarter of this year.[18] Swiss banking giant UBS has reported a loss of 564 million Swiss francs for the third quarter of this year, dragged by substantial accounting charges of 2.15 billion Swiss francs.[18]
Zurich - Swiss bank UBS posted a loss of 564 Swiss franc (552 million U.S. dollars) in the third quarter due to continued problems in the investment banking sector, it reported Tuesday in Zurich.[19] The pretax loss at UBS's investment bank narrowed to 1.37 billion francs in the third quarter from a 2.75 billion-franc loss a year earlier, while earnings at the wealth management and Swiss bank unit slumped 52 per cent to 792 million francs.[20] In the investment bank segment, the company's pre-tax loss narrowed to 1.37 billion Swiss francs in the third quarter ended September 30, 2009, compared with 1.84 billion Swiss francs in the same period last year. FICC business, which saw its first quarter of net positive revenues in nine quarters, showed progress in risk reduction and the effect of key hires in its credit business.[18] Operating income rose 4 percent to 5.77 billion francs compared with the same period last year. Analysts had predicted a third consecutive quarterly loss this year but differed widely in how to assess the expected writedowns, most of which resulted from tighter credit conditions. UBS also took a hit from currency exchange in the sale of its Brazilian unit UBS Pactual, and from the conversion of mandatory convertible notes issued to the Swiss government as part of a bailout last year when the bank suffered a record 21-billion-franc annual loss.[4]
The bank said it expects another charge on own debt in the fourth quarter. Sales and trading revenue of 2.15 billion francs was the bank's highest of the past nine quarters, as the fixed-income business had its first quarter of positive revenue during that period. UBS shares rose 17 per cent this year to 17.35 francs in Swiss trading, valuing the company at 61.7 billion francs.[20] The fixed-income, currencies and commodities group at UBS (UBS), which bore the brunt of the Swiss bank's losses in the credit crisis, reported its first positive three-month period in more than two years, helping to edge the investment bank back into the black. UBS Investment Bank reported an adjusted pretax profit of CHF66 million, excluding a CHF1.436m charge on its own debt as a result of credit spread tightening in the third quarter. This was the first positive three-month period in nine consecutive quarters.[21] Tuesday's results again put UBS behind cross-town rival Credit Suisse Group ( CS - news - people ), which last month posted a net profit of 2.4 billion francs for the third quarter. "While other banks are taking advantage of the good mood on the financial markets to strengthen their position, UBS is still shoveling away the detritus of the crisis," said analysts at private bank Wegelin. Associated Press writer Frank Jordans in Geneva contributed to this report.[4] The bank continued to lose assets for the third quarter, as clients withdrew funds totalling 36.7 billion franc, the bank reported. It said in a statement it did not expect an immediate recovery in the area of client net new money flows.[19] Wealth Management & Swiss Bank - Outflows of net new money were stable in the third quarter at CHF 16.7 billion compared with CHF 16.5 billion in second quarter.[22] MAIN FACTS: - BIS tier 1 capital ratio improved to 15.0%. - Net new money outflows were CHF16.7 billion for Wealth Management & Swiss Bank, CHF9.9 billion for Wealth Management Americas, and CHF10.0 billion for Global Asset Management. - Cost reduction program is on track.[23]
Pretax profit at the Wealth Management Swiss Banking unit fell 15 percent to 792 million francs from 932 million francs and reported 16.7 billion francs in net new money outflows.[7] Wealth management Americas saw profit fall 41 per cent to 110 million francs, while asset management's earnings dropped 69 per cent to 130 million francs. In adding to the charge on its own debt, UBS booked a net loss of 409 million francs related to the sale of its Brazilian Pactual unit because of foreign currency fluctuations, and a 305 million-franc loss from the sale of the Swiss government's investment.[20] ZURICH -(Dow Jones)- Swiss bank UBS AG (UBS) Tuesday said it posted a third-quarter net loss of 564 million Swiss francs ($553 million) compared with a net profit of CHF283 million.[23] The Zurich-based reinsurer said net profit for the three months to Sept. 30 was 334 million Swiss francs ($325.7 million), compared with a net loss of 304 million francs a year earlier, when the company suffered from write-downs.[24] The Zurich-based reinsurer, which provides cover for insurance firms in exchange for a risk premium, said net profit for the three months to end-September stood at 334 million Swiss francs ($327.4 million) after a year-earlier net loss of CHF304 million, when the company suffered from asset write-downs.[25] UBS' net loss for the quarter was 564 million Swiss francs ($552.9 million), from a CHF283 million year-ago net profit.[26]
The net loss of 564 million Swiss francs ($552.4 million) was UBS' fourth consecutive quarterly loss, narrower than a net loss of 1.4 billion Swiss francs in the second quarter but larger than average analyst forecasts.[27] Swiss bank UBS AG says it had a third-quarter loss of 564 million Swiss francs ($542 million) after notching up accounting charges of 2.15 billion francs.[8] The net loss of SFr564 million ($542 million) reported on Tuesday followed higher-than-expected accounting charges of SFr2.15 billion. It is the second quarterly loss under new chief executive Oswald Gr'bel. The bank said the accounting charges resulted from currency exchange loss from the sale of its Brazilian unit UBS Pactual, and the conversion of mandatory convertible notes issued to the Swiss government as part of a bailout.[28]
Overall, UBS reported a third quarter loss of CHF 564 million ($547 million). The firm said this was primarily due to an accounting charge of CHF 2.15 billion ($2.08 billion) as costs for its debt rose.[17]
ZURICH -(Dow Jones)- UBS AG (UBS), among the hardest-hit banks by the financial crisis, Tuesday swung to a third quarter net loss as it was hit by charges on its own debt and by continued outflows at its flagship private bank. The Zurich-based bank issued a cautiously optimistic outlook for its investment bank, which UBS said is likely to show the early stages of a recovery in the fourth quarter, but said private banking assets won't snap back immediately from heavy outflows.[26] "Pretty much everything - from revenue, to margins, costs and outflows - is disappointing," WestLB analyst Georg Kanders says. UBS said it swung to a third quarter net loss, hit by charges on its own debt and by continued outflows at its private bank.[29]
"UBS reports a third quarter net loss attributable to UBS shareholders of 564 million Swiss francs due to three substantial accounting charges," the bank said in a statement.[18] Swiss Re reported third quarter net income of 334 million Swiss francs (U.S. $324 million at the current exchange rate) resulting from a mild catastrophe season and disciplined underwriting, the company said.[12] The nine-month profit was well off the 884 million Swiss francs ($861.7 million) Swiss Re reported in net income for the same period last year. Heavy mark-to-market losses on hedges and corporate bonds and impairments on securitized products booked earlier this year weighed on nine-month 2009 net income.[10] The company reported a net profit of 334 million francs (327 million U.S. dollars), compared to a loss of 304 million francs in the same period last year, and continued losses in the second quarter of 2009.[30] The profit beat analyst expectations and compared to a loss of 304 million francs in the same period last year, when Swiss Re was forced to make heavy payments linked to hurricanes Gustav and Ike.[31]
The third-quarter net loss was 564 million Swiss francs (around 373 million), compared with a 283 million-francs profit a year earlier, the Zurich-based bank said today.[20] The Zurich-based reinsurer said net profit for the three months to end-September stood at 334 million Swiss francs ($327.4 million) after a year-earlier net loss of CHF304 million.[32]
Swiss Reinsurance Co. reported a third-quarter net profit of 334 million francs ($327 million) Tuesday as insurance claims fell from a lack of natural disasters.[31] Swiss Reinsurance Co. beat analyst expectations by reporting a third-quarter net profit of 334 million francs ($327 million) Tuesday.[33]
The Zurich based bank however, had posted a net profit of 283 million francs in the same period last year.[5]
ZURICH — Swiss banking giant UBS plunged into further losses of 564 million francs (373 million euros, 552 million dollars) for the third quarter, but said it expected the situation to improve in coming months. "Having stabilized the bank?s financial condition and resized the business, UBS expects to see further progress in restoring the underlying profitability of the business in future quarters, particularly in 2010," said the bank in its quarterly earnings statement.[34] Along with the own credit losses of CHF1.44 billion, the earnings were hit by CHF409 million in charges related to selling Brazilian investment bank Banco Pactual, as well as CHF305 million related to a convertible note bought by the Swiss government. In its outlook, Chief Executive Oswald Gruebel said "having stabilized the bank's financial condition and resized the business, I expect to see further progress in future quarters, particularly in 2010. This progress will depend on market and other factors."[26] "Having stabilized the bank's financial condition and resized the business, I expect to see further progress in future quarters, particularly in 2010," said CEO Oswald J. Gr''bel in the release. "However, this progress will depend on market and other factors." UBS said the impact of low interest rates on net interest income continues to hold back revenues, especially in its Wealth Management & Swiss Bank unit. Based on current conditions, UBS expects another credit charge in the fourth quarter, as a result of further tightening of its credit spreads.[6]
The company said that latest quarter results were significantly affected by a charge of CHF 1.44 billion for own credit on financial liabilities designated at fair value, charge of CHF 409 million in relation to the closing of the UBS Pactual sale, and conversion of the mandatory convertible notes issued to the Swiss Confederation resulted in a loss of CHF 305 million in the recent quarter.[35] The bank'''s''stock wilted 5.1% in early trading after the announcement was made. Its fourth quarter''losses were worse than expected at CHF564 million ('''373.1 million), when analysts had predicted a loss of''only '''136.9 million. Much of this was due to three'substantial accounting charges' totalling CHF2.15 billion ('''1.42 billion) included in the results, without which the firm would have made a profit of''CHF1,557''billion''('''1.03 billion), according to UBS. This quarter'''s outflows from its wealth management''totalled''CHF26.6 billion ('''17.5 billion).[36] The loss is less than that recorded in the second quarter (CHF 1.4bn) or the first (CHF 2bn). The loss was due to substantial accounting charges which totalled CHF 2,150m, meaning that without such charges the bank would have turned in a profit of some CHF 1,557m. The firm's capital position was also enhanced during the last quarter, with BIS tier 1 capital ratio standing at 15%, and UBS has also reduced its risk exposure.[37]
UBS said it would continue to focus on reducing risk and increasing capital strength. Its investment banking unit narrowed its pretax loss to 1.37 billion francs from 1.85 billion francs, helped by a stronger performance of its bonds, currency and commodities operations, where UBS recently added senior bankers. That contrasts with rivals Credit Suisse and Deutsche Bank, which reported large profit increases on the backs of their trading operations.[7]
Swiss Re warned in August that future earnings could continue to be influenced by financial market trends, despite improving conditions in reinsurance markets. Lippe on Tuesday described the performance of its core reinsurance business as "strong" while the company had also amassed "substantial" excess capital so far this year. The group suffered 1.2 billion francs in losses from the U.S. subprime home loan crisis, forcing it to turn to Wall Street sage Warren Buffett to prop up its finances, most recently with a fresh 3.0 billion franc boost in February. Chief executive Jacques Aigrain and chairman Peter Forstmoser later resigned after Aigrain was widely blamed for having led the reinsurer into the risky world of investment banking since he took over in 2006. Lippe said the company was now setting its sights on insurance renewals in January 2010.[11] The strong quarter shows Swiss Re is emerging from difficult times, said Stefan Lippe, Swiss Re's chief executive officer. "I firmly believe that we are reaching our goals we set this year of focusing on our core business, ensuring capital strength and further improving the company's ability to compete," Mr. Lippe said during the call.[10]
Swiss Re was hit by heavy asset write-downs during the financial crisis and was forced to take up fresh capital from Warren Buffett's Berkshire Hathaway Inc (BRKB). Its Double-A rating was also cut by rating agencies, raising fears the company would attract less business because of its lower credit-worthiness. Thanks to cost-cutting, improved financial and operational markets, Swiss Re was able to improve its balance sheet during the third quarter.[32] Shares in Swiss Re, the world'''s second-largest reinsurer, were boosted today after it reported forecast-beating profits for the third quarter and strengthened its capital base, improving its chances of repaying Warren Buffett'''s costly capital injection. Shares in Swiss Re, the world'''s second-largest reinsurer, were boosted today after it reported forecast-beating profits for the third quarter and strengthened its capital base, improving its chances of repaying Warren Buffett'''s costly capital injection.[38] ZURICH, Nov 3 (Reuters) - Swiss Re strengthened its capital in the third quarter, it reported on Tuesday, boosting its chances of repaying a costly convertible loan from Warren Buffett as it beat operating profit forecasts in its core businesses.[13] ZURICH, Nov 3 (Reuters) - Swiss Re (RUKN.VX: Quote, Profile, Research ) said it would wait before repaying a costly convertible loan from Warren Buffett, after strengthening its capital and beating profit forecasts in the third quarter.[39]
Swiss Re strengthened its capital in the third quarter, it reported on Tuesday, boosting its chances of repaying a costly convertible loan from Warren Buffett as it beat operating profit forecasts in its core businesses.[40]
Swiss Re has reported that it made net income of CHF 334m in the third quarter of 2009. This compares favourably with a loss in Q3 2008 of CHF 304m, and in Q2 2009 when the firm incurred a loss of CHF 381m. Chief Executive Officer Stefan Lippe responded to the results by describing them as a continual improvement brought about by a strong underlying performance and ongoing efforts to reduce risk exposure.[41] Swiss investment bank UBS has reported its third quarter results, which include a loss of CHF 564m.[37]
UBS has agreed to hand over the names of 4,450 American customers the U.S. government suspects of large-scale tax evasion. The Swiss government's decision to end its stake in the bank would also help rebuild trust, Gruebel said. Clients withdrew more money than they deposited during the third quarter, a trend UBS said would likely continue during the last three months of the year.[42] The bank's Wealth Management Americas unit booked 9.9 billion francs in outflows in the third quarter, up from 5.8 billion francs in the second. Cryan attributed the outflows to the "tighter scrutiny" from tax authorities as well as to a "reputational issue" that UBS was struggling to overcome amid its continuing losses.[15] The wealth management business continued to struggle as clients withdrew 26.6 billion francs in funds in the quarter. The bank said that the settlement of litigation with tax authorities in the United States earlier this year was having a '''profound impact on our efforts to rebuild confidence in our company and on staff morale.'''[7]
"The performance at the investment bank shows signs of recovery, but significant questions remain on the wealth management front as outflows were larger than anticipated," said Sebastien Lemaire, an analyst with Natixis Securities. UBS shares fell 7.2 percent to 16.11 Swiss francs by 1059 GMT, their lowest level since the bank settled a U.S. tax lawsuit on Aug. 19, helping dampen sentiment on European bourses, with the DJ Stoxx European banking index down 3.3 percent.[3] A company letter to shareholders admitted that the bank did not expect '''an immediate recovery'''. Earnings at the wealth management and Swiss banking unit, the main profit earner for the organisation, dropped 52% to CHF792 million ('''523.7 million) this quarter.[36]
The Wealth Management Americas unit returned to a pretax profit of 110 million francs from a loss of 221 million francs, mainly because of lower operating costs, but lost 9.9 billion francs in client funds.[7] Analysts expected on average a third-quarter net loss of 207 million francs, but forecasts ranged from a loss of 1.4 billion francs to a profit of 800 million francs.[27] The results, which included asset impairments and hedging losses of around 969 million francs, beat analyst forecasts for net profit of 150 million francs, as the.[24]
The world'''s second-largest re-insurer is reporting a third quarter net profit of CHF 334 million. That'''s compared to a loss of CHF 304 million in the same quarter last year.[43] The world's second-biggest reinsurer posted a net profit of CHF334 million ($324 million) for the third quarter, against an average estimate of CHF115 million profit in a Reuters poll. Its property and casualty combined ratio, a measure of profitability, improved to 84.5 percent from 99.6 percent a year earlier, showing wide margins.[40]
Net money outflows reached 36.6 billion francs during the third quarter, a trend that is likely to continue during the last three months of the year, UBS said.[4] Net new money outflows totaled 36.7 billion francs, although that number was down from 39.5 billion francs in the second quarter and 83.6 billion francs in the year-ago period.[6] Net new money outflows were worse than expected "with a total outflow of 36.7 billion francs versus our expectations of 23 billion francs," said Bank Vontobel analyst Teresa Nielsen. "In our view, this indicates that the brand has been more hit by reputation issues than expected, especially in the Americas," she added. Analysts at Bank Wegelin said that the net new money outflows, and the signs that they would not improve, would "frighten investors away." "The only constant in terms of net new money are bad signs," they added.[15]
Institutional net new money outflows slowed to CHF 1.2 billion from CHF 6.6 billion and wholesale intermediary net new money outflows slowed to CHF 8.8 billion from CHF 10.6 billion. The business saw its first net new money inflows from third-party clients since fourth quarter 2006 following good investment performance.[22] Total net new money outflows from Swiss clients increased to CHF 3.9 billion from CHF 0.2 billion.[22]
Global Asset Management - Net new money outflows were CHF 10.0 billion compared with CHF 17.1 billion.[22] Invested assets stood at CHF 2,258 billion on 30 September 2009, compared with CHF 2,250 billion on 30 June 2009. CHF 982 billion of these assets were attributable to Wealth Management & Swiss Bank, CHF 694 billion were attributable to Wealth Management Americas and CHF 583 billion were attributable to Global Asset Management.[22]
UBS amassed the biggest write-downs and losses from the credit crisis among European competitors, with a net loss of CHF21.3 billion ('''14.8 billion) ''' a record in Swiss corporate history. It had to turn to the Swiss government a year ago for a CHF6 billion ('''3.9 billion) capital injection to help it shift risky assets into a Swiss National Bank fund.[36] UBS also recorded a net loss of 409 million francs on the UBS Pactual sale, and another 305 million francs on the conversion of convertible notes issued to the Swiss government.[6] The third-quarter net loss attributable to UBS shareholders of CHF 564 million, compared with a profit of CHF 283 million a year ago.[35] Swiss International Air Lines (Group) achieved an operating profit of CHF 113 million for the first nine months of 2009 (compared to a CHF 373 million operating profit for the same period last year).[44] Operating income rose four per cent to SFr5.77 billion compared with the same period last year ' and the bank said discounting the one-time accounting charges it would have made a pre-tax profit of SFr1.56 billion.[28]
Excluding the accounting charges, underlying pre-tax profitability increased to 1.55 billion Swiss francs. This was mainly due to better results in the investment bank's fixed income, currencies and commodities (FICC) business.[18] Swiss Re's net investment income for the first nine months slipped 16.4% to 5.28 billion Swiss francs ($5.15 billion).[10] Investors are speculating about when the world's second-biggest reinsurer will pay back billionaire U.S. investor Buffett, who pumped 3 billion Swiss francs ($2.9 billion) into the company at the height of the global financial crisis after it wrote down billions on illiquid assets.[39] Third-quarter investment income was up 7.2% to 1.77 billion Swiss francs ($1.73 billion).[10]
Net premiums earned fell by 11 percent to 5.84 billion Swiss francs in the third quarter.[11] Total operating income increased to 5.76 billion Swiss francs in the third quarter from 5.54 billion Swiss francs in the year-ago period.[18]
Swiss Re's property and casualty unit saw premiums drop 12 percent to 3.17 billion francs. The unit's profit per premium rose markedly in the quarter.[31] Zurich - The world's second largest reinsurer Swiss Re has bounced back into profit in the third quarter, beating expectations of analysts, the company announced Tuesday in Zurich.[30] ZURICH — Swiss Re, one of the world's biggest reinsurers, on Tuesday returned to strong profit in the third quarter, cautiously turning its back on losses that had depressed the group's outlook for the year.[11]
ZURICH, SwitzerlandA lack of catastrophe claims helped Swiss Reinsurance Co. record a nine-month profit of 103 million Swiss francs ($100.4 million) despite other limiting factors, the reinsurer said Tuesday. [10] Swiss Re has announced about 1,000 job cuts worldwide to trim costs. The group now expects its restructuring plan to yield 150 million to 200 million Swiss francs in savings.[11]
ZURICH, Nov 3 (Reuters) - Swiss bank UBS ( UBSN.VX )( UBS.N ) said it did not expect an immediate recovery of client inflows after a higher-than-expected accounting charge and withdrawals at all its key divisions pushed it into another quarterly loss. [27] ZURICH ( TheStreet ) -- UBS ( UBS Quote ) said it swung to a loss in the third quarter, hit by three substantial charges and client withdrawals from its private bank.[6]
UBS, Switzerland's biggest bank, reported a fourth consecutive loss for the quarter Tuesday because of a charge for its own debt but said business was improving, Julia Werdigier writes in The New York Times.[7] Mr Grubel went on to emphasise that pre-tax operating profit excluding charges nearly doubled to SwFr1.6 billion, signalling that the crisis-hit bank was gradually on the mend. "UBS expects to see further progress in restoring the underlying profitability of the business in future quarters, particularly in 2010," he said.[16] "Having stabilised the bank's financial condition and resized the business, I expect to see further progress in future quarters, particularly in 2010." He noted that the progress would depend on the market and other factors. Gr'bel added that the settlement of legal action with the United States' tax authorities and the decision of the Swiss government to exit its investment in UBS were having a profound impact on efforts to rebuild confidence in the bank and on staff morale.[28]
The bank said it does not expect an immediate recovery in client net new money flows. UBS is cautiously optimistic about a recovery, saying it expects the investment bank's performance to continue to improve into 2010, with fourth quarter results likely to reflect the early stage of its recovery.[6] For Swiss banks, a fat business is slipping away. Citizens in Italy, Germany and France -- the big three tax-dodging nations -- stashed their money in Switzerland because of political unrest at home, high inflation and sky-high tax rates. They weren't always after high returns, and they complained little about performance and rarely visited their bankers, who typically had them sign discretionary mandates allowing the bank to act on their behalf. Higher fees on discretionary mandates mean such clients are twice as profitable as those who directly manage their accounts. Some bankers privately admit that the fees on undeclared money can be several times those on declared money. Since around 2000, the bigger Swiss banks such as Credit Suisse Group, UBS, Julius Baer Group AG and Pictet & Cie have tried to diversify away from tax dodgers by opening branches in Italy, Germany and France and building big onshore businesses with these clients. They are also targeting new millionaires in Russia, the Middle East and Asia. With taxes low at home, investors in these countries are instead fleeing political instability. Singapore, also courting these emerging-market millionaires, is now Switzerland's main offshore rival.[45] In all, KPMG reckons that tax evasion could represent up to 25% of Switzerland's total private-banking market. This weekend, Swiss banking giant UBS AG will hand over the names of 500 suspected American tax dodgers to the Internal Revenue Service, the first of 4,450 names it will turn over as part of an August agreement between the U.S. and Swiss governments. That accord marked a historic breach of Switzerland's cherished bank secrecy, and prodded many Swiss banks to refuse to take American clients for fear of falling foul of U.S. laws.[45] ' If U.S. clients hold one-twentieth of Swiss bank accounts and the IRS is getting 4,450 names from UBS alone, then Europe's high-tax countries, which account for about one-sixth of Swiss deposits, will want tens of thousands of names[45]
Photo credit: The U.S. flag flies outside the U.S. headquarters of Swiss bank UBS in New York August 4, 2009.''[46] UBS, which originated from the merger of two Swiss bank in 1998, had been severely hit by the U.S. sub-prime mortgage crisis and subsequently received state funds.[19]
Swiss bank UBS has reported its fourth consecutive quarterly loss, but says it believes business is returning to normal.[28] "Business is steadily returning to normal," said chief executive Oswald Gruebel. "Management actions are delivering visible results, and we are continuing to emphasize risk reduction and capital strength," he said. UBS has also reduced its staff by 2,800 which now stands at 69000. The Swiss government's decision to end its stake in the bank would rebuild trust in the future. A bank'''s stability is measured by its capital adequacy ratio.[5] John Cryan, the chief financial officer, said on a media call that there was a '''residual reputational issue''' along with '''some morale issues among advisers''' that the bank needed to face and that UBS expected '''modest outflows from Swiss clients until we return to profit.'''[7] UBS Chief Financial Officer John Cryan acknowledged that "reputational issues still weigh on us a bit, and that particularly weighs on the morale of our client advisers." Some 100 client advisers are expected to leave the bank in the fourth quarter, many of them taking their wealthy clients with them when they move.[4]
Chief Executive Officer Oswald Gruebel, who joined in February, is trying to halt redemptions by wealthy clients and rebuild the investment bank after more than $50 billion of losses and asset writedowns tied to the financial crisis.[20] The division saw outflows of client assets of CHF 9.9 billion ($9.6 billion) for the quarter, an increase from last quarter's outflows of CHF 5.5 billion ($5.3 billion).[17] During the third quarter, risk-weighted assets (RWA) decreased 15% to CHF 210.8 billion, and BIS tier 1 capital decreased by CHF 1.0 billion to CHF 31.6 billion. These numbers include the CHF 1.4 billion impact on equity in the third quarter of the MCNs coupon consideration paid by UBS in connection with the conversion of the MCN converted in August 2009, as well as the effect of the closing of the UBS Pactual sale in the third quarter. UBS reduced its balance sheet by a further CHF 124 billion during the third quarter and held total assets of CHF 1,476 billion on 30 September 2009.[22] The bank does continue to see massive outflows of capital, a figure of CHF 36.7 billion being reported for the third quarter, down from Q2's CHF 39.5 billion. Against expectations, there was a large jump quarter-to-quarter in domestic customers withdrawing their cash.[47]
Switzerland's UBS bank reports losing CHF 564 million in this year's third quarter.[47]
Earnings per share reached 0.97 francs ($0.95), compared with a loss of 0.93 francs per share in the third quarter last year, according to the Zurich-based company.[31] The Zurich-based company said earnings per share reached 0.97 francs compared with a loss of 0.93 francs per share in the same period last year when it recorded a quarterly loss of 304 million francs.[33] Which compared with a 304 million franc loss in the equivalent period last year, was towards the upper end of analysts' expectations.[11]
The results compare to a loss of 304 million francs for the same period last year ($259 million), the Zurich, Switzerland-based insurer said.[12]
SWISS also reported a black-ink result for the third-quarter period, posting an operating profit of CHF 47 million. [44] The Zurich-based bank, one of the biggest losers in the global financial crisis, has been struggling to recover since it plunged deep into loss. While several other international banks have posted sharp profits for the quarter, UBS's latest results marked its fourth quarterly loss in a row.[15] The Zurich-based reinsurer posted a profit of SFr334m ($327m) for the quarter ''' compared with a loss of SFr304m in 2008 ''' beating an average estimate of a SFr115m profit in a Reuters poll. The group'''s strong operating performance, combined with sales of once illiquid assets in its legacy portfolio, helped shareholders''' equity rise by SFr2.4bn to SFr26.2bn, beating Keefe, Bruyette & Woods (KBW)'s estimate.[38]
UBS Wealth Management Americas continued to hemorrhage new client assets in the third quarter at almost twice the clip from the previous quarter.[17] Get''up to the minute share prices to show who is''winning and who''is losing on the London market today at Citywire's FTSE Share Prices & Performance zone. The largest bank in Switzerland, UBS, suffered a new blow as its wealthy clients deserted it,''making massive withdrawls''from its wealth management unit.[48]
Chief executive officer Oswald Gruebel, who joined in February, has hired former Merrill Lynch executive Robert J McCann to help stop client withdrawals at the wealth management unit. The new hire who managed the brokerage unit at his previous firm said that he would review UBS''' business by cutting costs to return to profit.[36]
Oswald Grubel, the chief executive, said that: "We do not expect an immediate recovery in client net new money flows, and the impact of low interest rates continues to hold back revenues."[16]
Net client outflows recorded were 36.6 billion francs, down from 39.4 billion francs in the previous quarter. [5] The company's shareholder equity increased by 2.4 billion francs to 26.2 billion by the end of the quarter due to net unrealised investment gains on securitised products, as well as corporate and government bonds.[13] The company said premiums dropped 11 percent to 5.84 billion francs from 6.53 billion francs in the third quarter of 2008.[33] Results in the third quarter continued to be dampened by write- offs of almost one billion francs especially in the securitized products portfolio.[30]
Customers withdrew 36.7 billion francs over the quarter, bringing the total outflows in the first nine months of the year to 91.1 billion francs.[15]
Discounting the charges, the bank would have made a pre-tax profit of 1.56 billion francs.[5] Discounting the one-time charges, UBS would have made a third-quarter pretax profit of 1.56 billion francs, it said.[4]
UBS'''s rival, Credit Suisse posted a net profit of 2.4 billion francs last month.[5]
The Zurich-based reinsurer's shares hit a record low of 11.88 francs in March, shortly after capital levels depleted by billions in writedowns on illiquid assets forced it to accept a 3 billion franc convertible investment from Buffett's Berkshire Hathaway ( BRK - news - people ).[13] 'During the first nine months of 2009, our excess capital at the AA level improved to over 6 billion Swiss francs,' Chief Executive Stefan Lippe said in a statement.[13]
The firm's excess capital at the AA level has now increased to over CHF 6bn. Lippe went on to state that the outlook for Swiss Re was encouraging, as the firm had bolstered its capital position in the first three quarters of 2009. He also said that the firm's new focus was the January renewals, and added that the firm was well-placed for the upcoming renewal season.[41] The overall recovery has prompted some analysts to argue Swiss Re should raise fresh capital from shareholders and repay Buffett early in a show of renewed vigour to investors and rivals.[40]
Shares in Swiss Re rose 6.13 percent to 45.00 francs on the Zurich exchange.[31] UBS shares were down 5.24 percent at 16.44 francs at 1500 GMT, the worst performer on the Swiss Market Index, which fell 0.99 percent.[15]
UBS operating income escalated by 4 percent due to high trading gains, and stock showed a fairly good performance. After rising by 17 percent this year, it gave the bank a market capitalization of $60 billion.[5] Operating income rose 4% on the year to CHF5.77 billion from CHF5.54 billion, mainly because year-ago trading losses turned into modest gains. UBS stock, which has risen 17% this year, lagging a 48% rise in the Stoxx Europe 600 banks index, closed at CHF17.35 Monday, giving the bank a market capitalization of nearly $60 billion. Though the bank is widely seen by investors and regulators in Switzerland as far more stable than several months ago, UBS still presents a sharp contrast to crosstown rival Credit Suisse Group (CS) or major European competitors such as Deutsche Bank AG (DB) and Barclays PLC (BCS).[26]
Switzerland's largest bank, UBS, today reported a fourth consecutive quarterly loss after a charge to reflect an improvement in the company's own debt outweighed a rebound in trading revenue. [20]
Kanders did note that while investment banking came in below expectations, it was sharply less so than other areas. The Zurich-based bank also issued a cautiously optimistic outlook for its investment bank, which it said is likely to show the early stages of a recovery in the fourth quarter. Analysts at Helvea say now that UBS has put its balance-sheet problems behind it, the bank must turn around its operating divisions, which will take time ' probably longer than some had hoped.[29] Overall, the bank said it expected to "see further progress in restoring the underlying profitability of the business in future quarters, particularly in 2010." It added that fourth quarter results at its investment bank unit, which has been blamed for dragging the bank down during the crisis, should reflect the "early stage of its recovery."[15] "Having stabilised the bank's financial condition and resized the business, UBS expects to see further progress in restoring the underlying profitability of the business in future quarters, particularly in 2010," the bank added.[9] "UBS expects to see further progress in restoring the underlying profitability of the business in future quarters, particularly in 2010. This progress will depend on market and other factors," the banking major said.[18]
Personnel down by 2,783 to 69,023 at 30 September 2009; 2010 headcount target adjusted to 65,000 to reflect divestments announced in 2009. - The bank expects to see further progress in restoring the underlying profitability of the business in future quarters, particularly in 2010. This progress will depend on market and other factors.[23]
The bank said it expects further writedowns from tightening credit spread in the fourth quarter, and that recovery in 2010 would depend on market conditions.[4] The bank said it did not expect an immediate recovery of inflows, the reason being the high accounting charges.[5] The outflows were particularly marked in the United States, where the bank agreed in August to disclose details of 4,450 accounts in order to stave off potentially damaging tax fraud charges brought by U.S. authorities.[15] Analysts had been looking for signs of recovery at UBS' core wealth management division, which has suffered persistent outflows while it struggled to emerge from the subprime crisis and was also hit by a high-profile U.S. tax row.[27] "The wealth management and Swiss bank certainly needs a lot more work than we had previously assumed," said Helvea analyst Peter Thorne, who maintains a neutral rating on the stock.[29] No one really cares what happens to people who hide fortunes in order to avoid paying taxes. They -- and their bankers -- are criminals and deserve to be treated that way. Tax evasion isn't the only thing Swiss banks make possible; they also provide geographic diversification and privacy. They've historically enabled clients to get wealth beyond the reach of corrupt and rapacious governments. They saved countless European fortunes from the Nazis during World War II, for instance, and to this day enable citizens of unstable countries to protect at least some of their wealth.[45] Now, in the wake of the American crackdown, and Switzerland's cooperation, an exodus of European money is under way. This past week, Italian tax authorities raided local offices of Swiss banks, in what Swiss bankers regard as an attempt to scare tax dodgers. New treaties Switzerland has signed with France and the U.K. make it easier for those countries to pursue information on suspected tax dodgers.[45]
FILE - In this Feb. 20, 2009 file photo, the UBS logo is seen at the the Swiss Bank's headquarters building in Zurich, Switzerland.[42] UBS caved because it would rather be an international bank than a Swiss bank. Will its peers.[45]
' Big Swiss banks opening branches in the countries from which they were trying to attract undeclared deposits exposed those banks to pressure from high-tax country regulators. This was a red flag which holders of undeclared accounts were stupid to ignore.[45]
Cryan also said that for domestic Swiss clients, outflows would not stop until the bank shows that it is profitable again.[15] The bank also failed to stem an outflow of funds, with customers withdrawing assets amounting to 36.7bn francs in the three months ending 30 September.[9]
The result is narrower than the SFr1.4 billion net loss in the second quarter of 2009 but larger than average analyst forecasts. [28] While UBS missed expectations with a wider-than-expected net loss, the flagship private banking arm is what really missed forecasts, says WestLB.[29]
In a decision that shook the foundations of Swiss banking secrecy, UBS agreed in September to hand over the names of 4,450 wealthy American customers the U.S. government suspects of large-scale tax evasion.[4] The losses come after UBS agreed in August to divulge information on 4,450 accounts to the Swiss tax authorities at the request of the U.S. government in the wake of a high profile tax lawsuit.[36]
The Swiss franc declined to 1.0238 against the U.S. dollar in early deals on Tuesday.[35] In early deals on Tuesday, the Swiss franc jumped to 1.6717 against the pound. This may be compared to Monday's close of 1.6776.[35] The Swiss franc that closed yesterday's trading at 1.5097 against the euro dropped to a 4-day low of 1.5113 in early deals on Tuesday.[35] During early trading on Tuesday, the Swiss franc fell against the Japanese yen.[35]
The airfreight business of Swiss WorldCargo continued to show less-than-favourable trends in the third quarter, however, in the current business headwinds. [44] A lack of catastrophe claims helped Swiss Re's combined ratio on property/casualty business improve for the nine-month period to 88.2%, compared with 95.7% a year ago.[10] Swiss Re's chief executive said underlying performance remained "very strong" and that the company had made significant progress in stripping risk accumulated before the global financial crisis.[31] '''We expect the market to react positively to Swiss Re'''s third-quarter 2009 results given that the share price has underperformed into the disclosure and the shareholders''' funds have. To continue reading this article please subscribe or take a free trial to Reactions.[38] The healthy profit was due in part to a drop in payouts to customers. Swiss Re says its customers made fewer claims for property, health and life insurance.[43]
ZURICH -- Swiss Reinsurance Co. said Tuesday it swung to a third-quarter net profit on cost-cutting and low catastrophe claims and that it was confident it would benefit from an expected upswing in the reinsurance industry.[24] A return to net profit would be the strongest factor in winning back clients, said Cryan.[4]
Forecasts had ranged from a loss of SFr1.4 billion to a profit of SFr800 million. [28] Loss per share was CHF 0.15 versus profit of CHF 0.09 in the prior-year quarter.[35]
The figure is, however, an improvement over last quarter, which saw the beleaguered bank lose CHF 1.4 billion.[47] The bank's Tier 1 capital ratio - a measure of financial strength - reached 15 percent by the end of September, up from 13.2 percent at the end of the second quarter.[4] Mr. Gr''bel cut jobs, compensation and risk to increase the bank'''s capital. It allowed the Swiss government to sell the stake in the bank that it had taken earlier as part of a bailout and revived confidence among some investors.[7] Swiss private bank Wegelin said the results were "reasonably solid," although estimates had varied greatly.[31] The results contrast with profits at Switzerland's biggest bank Credit Suisse.[28] Fat operating margins and gains on sales of once-illiquid structured credit default swaps (CDS) ensured a healthy profit, even as group premiums dipped 11 percent and write downs on corporate bond hedges again ate into earnings. Its shares were indicated to open 4.8 percent higher, according to pre-market data from bank Clariden Leu.[40]
The bank has reduced its risky investments and shed thousands of jobs in an attempt to return to profit over the past year.[4]
Credit Suisse pleased investors with prospects for a year-end dividend on a far better-than-expected profit for the quarter, while Deutsche's profit tripled on tax gains and trading.[26]
Overall client outflows rose slightly to SwFr16.7 billion, from SwFr16.5 billion in the previous quarter.[16] UBS hired Robert J. McCann from Merrill Lynch last month as head of wealth management in the Americas to halt client redemptions.[7] "In relation to U.S. crossborder clients, we only see outflows," UBS chief financial officer John Cryan said.[15] ' It is only this weekend that the first batch of UBS client names will be turned over, and the rest will apparently be doled out a little at a time. The ongoing revelations will be front-page news -- and a source of anxiety for account-holders and their advisors -- for at least another year.[45] UBS said operating income rose to 5.77bn francs, up 4% on the same period last year.[9]
The bank had admitted in an earlier case to abetting tax cheats in the United States and paid 780 million dollars in fines. [15] SWISS has invested substantially to improve products which include the new Business Class seat with revolutionary air cushion with massage function that also turns into a two-metre lieflat bed," said Martin Mass'ger, Director, Head of Sales Middle East, Africa, Pakistan and Iran for SWISS. From Geneva, SWISS will be offering service to nine destinations with its own aircraft and a further 16 under codeshare arrangements in its winter schedules.[44] "With our new A330-300 and product offerings, we are confident that our passengers will enjoy the unique comfort and convenience of flying via SWISS whether for business or leisure.[44]
SOURCES
1. UBS Swings to Loss on Charges - WSJ.com
2. 3rd UPDATE: UBS Posts 3Q Net Loss, Sees Outflows Persisting - WSJ.com
3. UBS won't stem withdrawals soon as Q3 disappoints | Economy | Reuters
4. UBS reports Q3 net loss of $542 million - Forbes.com
5. UBS posts 3Q loss of $542M | The Money Times
6. UBS Swings to Loss on Charges | Banks | Financial Articles & Investing News | TheStreet.com
7. New Loss at UBS, but Business Is Improving - DealBook Blog - NYTimes.com
8. UBS reports 3Q loss of $542 million - Taiwan News Online
9. BBC NEWS | Business | UBS sees further quarterly loss
10. Swiss Re reports nine-month profit | Business Insurance
11. AFP: Swiss Re returns strong profit in third quarter
12. Swiss Re Reports Quarterly Net Profit Reversing A Loss - International - Property and Casualty Insurance News
13. UPDATE 2-Swiss Re capital stronger, Q3 profit tops forecast - Forbes.com
14. UPDATE: UBS Private Bank Faces Challenge, Changing Model - WSJ.com
15. AFP: UBS losses pile up as clients fear tax scrutiny
16. UBS unveils fourth quarter of losses - Times Online
17. UBS Loses Assets and Advisors in Third Quarter
18. UBS posts Q3 loss of 564 mn Swiss francs
19. UBS reports continued losses for third quarter - Monsters and Critics
20. UBS reports further quarterly loss - The Irish Times - Tue, Nov 03, 2009
21. Financial News: UBS Re-Emerges From 9 Quarters Of FICC Losses - WSJ.com
22. PRESS RELEASE: UBS Reports a Third Quarter Loss -2-
23. UBS 3Q Net Loss CHF564 Million Vs Net Profit CHF283 Million
24. Cost-Cutting Helps Swiss Re Swing to Net Profit - WSJ.com
25. 2nd UPDATE: Swiss Re Upbeat After Swing 3Q Pft On Cost Cuts - WSJ.com
26. UBS Swings To 3Q Net Loss Vs Year-Ago Profit; Cautiously Upbeat - www.capital.gr
27. UPDATE 1-UBS posts Q3 loss, wealth outflows continue | Reuters
28. Ubs Remains In The Red In Third Quarter
29. UBS's Third Quarter Results Disappoint - MarketBeat - WSJ
30. Swiss RE bounces back into profit - Monsters and Critics
31. Insurance giant Swiss Re returns to profit in 3Q - Taiwan News Online
32. Swiss Re Swings To 3Q Net Proft On Cost Cuts
33. Insurance giant Swiss Re returns to profit in 3Q - Taiwan News Online
34. AFP: UBS posts 564 mln francs loss for third quarter
35. RTTNews - Latest Earnings,Upcoming Earnings, Pos Pre Announcements, Pos Pre Announcements , Positive Surprises, Negative Surprises, Hot Stocks, Stock Split Calendar, Stock Buybacks, Dividends, Negative, Positive PreAnnouncements,Surprises .
36. UBS reports losses for fourth consecutive quarter | Fund Selector | Citywire
37. UBS reports third quarter losses
38. Swiss Re capital recovery not just luck | 03112009 | Reactions - Global Insurance
39. UPDATE 3-Swiss Re waits to repay Buffett as capital improves | Industries | Financial Services | Reuters
40. Swiss Re Q3 Profit Tops Forecasts; Capital Strengthened
41. Swiss Re reports Q3 profits
42. The Associated Press: UBS reports 3Q net loss of $542 million
43. WRS | Swiss Re returns to profit
44. SWISS strengthens position with Q3 results and extensive service offers in its winter schedule | SWISS International Air Lines | AMEinfo.com
45. The Super-Rich Are Spooked - GoldSeek.com
46. DealZone » Blog Archive » Road to UBS recovery wobbly | Blogs |
47. WRS | UBS continues to operate in the red
48. UBS reports losses for fourth consecutive quarter | Professional Investor | Citywire
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