Early Tuesday, UBS (UBS) reported a third-quarter loss of nearly 2.2 billion Swiss francs, or -0.58 Swiss francs per share versus a gain of 3.8 billion Swiss francs, or 0.27 Swiss francs per share a year ago, and a gain of 425 million Swiss francs, or 0.11 Swiss francs per share, in the second quarter.
This news came on the heels of plans to radically restructure the global bank by shedding it of nearly 10,000 employees by 2015 and ridding it of certain businesses, most notably fixed income. UBS now has about 63,745 staff members and wants to trim down to 54,000.
The wealth-management operations in the Americas, though, had strong results. The unit recorded a pre-tax profit of $230 million, up 35% from a year ago and 9% from the previous quarter.
“The strong progress we have made over the last 12 months allows us to begin implementing this next phase of our strategy” Group CEO Sergio P. Ermotti (left) said in a press release.
“We are ahead of schedule in our plans to build additional capital strength and reduce both costs and risk-weighted assets,” added Ermotti, who has led the company for the past year. “The opportunity we have today to accelerate the transformation of our firm is one that I believe is unique – and one that will allow us to continue to unlock the full potential of our franchise.”
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