UBS confirmed investors' worst fears yesterday as it unveiled an estimated loss of almost SFr2bn ($1.75bn) for the first quarter and a cull of more than 11 per cent of its workforce.
The figures, which were worse than market expectations, punctured growing optimism about a recovery in global banking stocks after this week's better than forecast results from Goldman Sachs, and reminded investors of the considerable risks still confronting big banks in the credit crisis.
The results were delivered by the bank's new chief executive, Oswald Grübel, the veteran Credit Suisse boss who emerged from retirement to run UBS just seven weeks ago.
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