UBS profits slump on weak business
Net income for the last three months of 2011 were 393m Swiss francs ($430m; £270m), down from 1.7bn francs a year ago and well short of expectations.
Business levels fell both at its key wealth management unit, as well as at its struggling investment bank.
As the eurozone debt crisis rumbles on, the Swiss bank warned that business in the coming three months was also likely to disappoint.
"Traditional improvements in first quarter activity levels and trading volumes may fail to materialise fully, which would weigh on overall results for the coming quarter, most notably in the investment bank," UBS said as it announced its fourth quarter results.
Profits for the full year of 4.2bn francs were down 44% from 2010.
UBS has never fully recovered from the financial crisis, when it had to be rescued by the Swiss government; Kazinform cites BBC.
To learn more go to www.bbc.co.uk
