UBS expects Q2 loss

by Richard Kilner

Story link: UBS expects Q2 loss

Swiss investment bank UBS has issued an update on its recent financial performance.

Given the preliminary results of trading in April and May and preliminary figures for June, UBS has indicated it is forecasting a loss in the second quarter of this year.

Previously announced charges pertaining to credit and restructuring have been cited as the cause of the predicted loss.

However, UBS has stated that it believes its Q2 results will mark an improvement over the Q1 performance based on reduced risk exposure and better market conditions.

In the first quarter the investment bank incurred a net loss of almost CHF 2bn, itself an improvement on the fourth quarter of 2008 loss of CHF 9.6bn.