JSM Financial: Switzerland’s UBS reports good profits, best in over two years.

April 12, 2010 - PRLog -- After enduring the repercussions of recently agreeing to release some client data to U.S. tax authorities, JSM Financial has been informed that Switzerland’s largest bank reported pre-tax profit in the first quarter of “at least” $2.4 billion, on the back of its recovering debt trading business.

The bank added that withdrawals from its wealth management units had shown significant signs of slowing.

According to UBS, total outflows for the first 3 months of 2010 came to around $14 billion (15 billion Swiss francs), a little over a third of the amount clients withdrew in the fourth quarter of last year.

“Net new money outflows in all businesses were substantially lower,” UBS said in a statement available to JSM Financial.

UBS’s positive results follow a large-scale overhaul of the business including thousands of job cuts and the appointment of key new executives.

JSM Financial believes UBS recently indicated that it was aiming to achieve a pretax profit of 15 billion francs in the next 3 to 5 years.

USB was one of the hardest hit in the European banking sector at the onset of  subprime market crisis and like many of its U.S. counterparts, was forced to rely on government aid to cope with its liquid assets.

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