UBS posts US$2.3b loss for Q4

Advanced Search

The story appears on

Page A10

January 23, 2018

GET this page in PDF

Free for subscribers

View shopping cart

UBS posts US$2.3b loss for Q4

Source: AP | 00:01 UTC+8 January 23, 2018 |

Print Edition

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.

Finance

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

UBS posts US$2.3b loss for Q4

Email this to your friend