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Profits Slide For UBS, Deutsche Bank

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Profits Slide For UBS, Deutsche Bank

Business

Profits Slide For UBS, Deutsche Bank

Profits Slide For UBS, Deutsche Bank

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Swiss bank UBS reported a 58 percent decline in profit for its second quarter. Some of the losses are tied to Europe's debt crisis, as well as the botched Facebook IPO. Also Tuesday, Germany's Deutsche Bank said its second-quarter earnings slid 63 percent.

RENEE MONTAGNE, HOST:

NPR's business news starts with lower bank earnings.

(SOUNDBITE OF MUSIC)

MONTAGNE: This morning, the big Swiss bank UBS reported a 58 percent decline in profit for its second quarter. Some of the losses are tied to Europe's debt crisis. UBS also lost money on the botched Facebook IPO. Also today, Germany's Deutsche Bank said its second-quarter earnings slid 63 percent.

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