UBS posted its fourth consecutive quarterly loss Tuesday. The firm's third-quarter loss came in at $552.4m, after a bigger-than-expected accounting charge. UBS also continued to leak clients assets in the period.

Reuters quotes one Zurich-based trader, who said: 'Another big disappointment. The outflow of client assets is continuing. The loss is bigger than expected'.

CEO Oswald Grubel said: 'having stabilized the bank's financial condition and resized the business, I expect to see further progress in future quarters, particularly in 2010. However, this progress will depend on market and other factors'.

And Bloomberg reports that Commerzbank has posted a $1.56bn third-quarter loss, mainly on costs associated with the integration of Dresdner Bank, and goodwill writedowns in respect of its Eurohypo business.

In the meantime, Sky News has reported that Royal Bank of Scotland is to sell its RBS Sempra Commodities trading unit as part of the agreement reached with the EU for continued UK state aid.

Finally, The Financial Times reports that Deutsche Bank CEO Josef Ackermann (who is also chairman of the Institute of International Finance), has launched a defense of big banks.

Speaking at a regulatory conference in London earlier this week, Ackermann said: 'Size is not an end in itself, and it is not necessarily an evil either....The refragmentation of financial markets is in nobody's interest...It is unlikely to bring greater stability....The idea that we could run a modern, prosperous economy with mid-size savings banks is totally misguided'.

Please use the 'E-Mail' button immediately under the article title to send this item to a friend.

Press here to comment on this story >>

Today in Life: So Londoners Are Nice After All >>

TODAY

• Bank Tells Staff To Knock Off Early To Make Babies
• 'Do I Seem Like A Guy Who Throws Chairs ?'
• Best Place To Work Update

THIS WEEK

• Best Place To Work 2010 Latest
• Top Firm Told To Give Up Bonuses
• 'Sorry - But Christmas Is Cancelled'