UBS Profits Drop 54 Percent In 1st Quarter

The drop is blamed on a decrease in investment banking income, and because of an accounting charge on its debt. UBS is not alone, last week rival Credit Suisse announced a 95 percent drop in first quarter profits.

Copyright © 2012 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

DAVID GREENE, HOST:

NPR's business news starts with falling profits for UBS.

(SOUNDBITE OF MUSIC)

GREENE: Suisse Bank UBS announced today that their profits fell 54 percent in the first quarter of this year. The drop is blamed on a decrease in investment banking income, and also because of an accounting charge on its debt.

They're not alone. Last week, rival bank Credit Suisse announced a 95 percent drop in first quarter profits. UBS has had its share of troubles lately. In September, the bank lost over $2 billion in a trading scandal. And just last month, the company paid a million dollar fine, the result of a U.S. tax probe.

Copyright © 2012 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.

Support comes from: