UBS Profit 4Q: Swiss Bank Posts First Profit In More Than A Year
It also comes after three consecutive quarterly losses in 2009 and efforts to salvage the bank’s reputation among customers leery of its ongoing struggle with bad investments and U.S. tax authorities.
“We have taken decisive action to transform UBS, and it is now a focused, efficient and resilient firm,” Chief Executive Oswald Gruebel said in a statement. “We expect that our return to profitability will increase clients’ confidence in UBS and restore our reputation.
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