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Rough Cuts

UBS sees progress despite heavy losses

Tuesday, February 05, 2013 - 01:18

Feb.05 - UBS' CFO talks to Reuters about a hefty fourth quarter net loss due to a $1.5 billion fine for rigging benchmark interest rates and restructuring costs. Rough Cut (no reporter narration).

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(ROUGH CUT - NO REPORTER NARRATION) Swiss bank UBS reported faster than expected progress in overhauling its investment bank but its flagship wealth management unit performed disappointingly, weighed down in Europe where Switzerland is under fire for helping tax cheats. The lender's Chief Financial Officer Tom Naratil spoke to Reuters on the day UBS announced a 1.89 billion Swiss franc ($2.08 billion) net loss for the fourth quarter on Tuesday following a big fine for rigging benchmark interest rates, although this was less than the 2.078 billion analysts had expected on average. Switzerland's biggest bank also said it was cutting overall bonus payments to its staff, with the maximum individual payout halved to one million francs. Last October it announced plans to fire 10,000 staff as it returns to its private banking roots and ditches much of the trading business that lost $50 billion in the financial crisis and prompted the rate rigging fine.

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UBS sees progress despite heavy losses

Tuesday, February 05, 2013 - 01:18