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January 23, 2018

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UBS posts US$2.3b loss for Q4

SWISS bank UBS has reported a 2.22 billion franc (US$2.3 billion) loss for the fourth quarter due to a large writedown caused by the newly enacted US tax reform.

UBS said yesterday it wrote down nearly 2.87 billion francs in deferred tax assets due to the reform. It said it would have had a 641 million franc profit without the charge.

However, the bank said the overall picture last year was “excellent.”

CEO Sergio Emotti said: “We delivered stronger financial results and met our net cost reduction target.”

UBS said in March it will start a three-year share buyback program worth up to 2 billion francs — up to 550 million francs of that this year.


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