UBS Says It's Bad, But It Could Be Worse
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Here's the full press release:
'UBS announces that its results for the second quarter ended June 30, 2008, which will be released as planned on August 12, are likely to be at or slightly below break-even.
The results reflect positive contributions from Global Wealth Management & Business Banking and from Global Asset Management, offset by a loss in the Investment Bank.
Further market deterioration led to writedowns and losses on previously disclosed Investment Bank risk positions, in particular credit valuation adjustments on monoline insurance exposures. Write-downs were mitigated by continued exposure reductions and by hedge benefits. In connection with the losses to date, the second quarter results include a tax credit of approximately $2.9bn.
Group net new money was negative for the period. This was most pronounced in April but improved in May and June, in particular for Global Wealth Management & Business Banking.
At the end of the quarter, UBS expects its Tier 1 capital ratio to be approximately 11.5 per cent, and has no need to raise new equity'.
Finally, Bloomberg reports that Anshu Jain, Deutsche bank's head of global markets, said at the Euromoney conference in London this week that 'this banks crisis is really at a point where it equals the 3 biggest crises faced by the insurance industry. (And) it's by no means over'.
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