UBS AG has earnings down to $425 million in the fourth quarter

UBS AG, bank and lender from Switzerland, has announced that the next quarter could be the harder one for doing the performances as the bank has faced losses in the fourth quarter.

From SayPeople,

UBS has posted 393 million francs ($425 million) in the fourth quarter earnings in the times of $2 billion rogue trading scandal and financial weaknesses in Europe and other parts of the world. However, in the fourth quarter of 2010, the net profits were totaled to about 1.29 billion francs. 

UBS has reduced its 2011 bonus pool by 40% as a result of losses. 

From UBS,

Pre-tax profit was CHF 471 million in the fourth quarter of 2011 compared with CHF 888 million in the previous quarter, which included a gain of CHF 433 million from the sale of our strategic investment portfolio and CHF 85 million of restructuring charges. Excluding this gain, the gross margin on invested assets declined by 6 basis points to 91 basis points, as a result of lower client activity and lower interest income. Net new money inflows of CHF 3.1 billion were recorded in the fourth quarter. 

Source:
SayPeople

Via:
UBS AG