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UBS AG, the Swiss bank hit hard by the financial crisis and a U.S. legal probe into its American clients' offshore accounts, reported Tuesday a first-quarter net loss of 1.98 billion Swiss francs ($1.73 billion) and said it expects loan losses to keep rising.
UBS AG posted a net profit of 296 million Swiss francs ($252 million) for the third quarter Tuesday, its first after four consecutive quarterly losses, and predicted customers would continue withdrawing funds in the last three months of the year.
Credit Suisse Group reported a 1.26 billion Swiss franc ($1.08 billion) loss during the third quarter Thursday, blaming bad investments and the global financial turmoil, and the bank said it was working to further cut its exposure to toxic assets.
Swiss bank UBS said Thursday it expects "a small profit" in the third quarter, raising hopes that a dismal year of U.S. sub-prime related losses — to the tune of some 45 billion Swiss francs ($40 billion) — may soon be over. The company's shares rose.
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