UBS Reports Profit
UBS AG has actually swung back to the area of profit as it had registered a net profit for the first time in more than five consecutive years. But there were still a lot of problems as the wealthy clients gave been making heavy withdrawals which indicated the fact that this Swiss bank had not exactly gained back its trust that was lost when they suffered a huge financial crisis and also the reckless problems with the tax authorities in the United States.
Originally based in Zurich, the Swiss bank UBS had marked a good net profit of about 1.21 billion Swiss francs which amounts to about $1.12 billion. It seems that there will also be a lot more of withdrawals in the near future and there also seems that there might be a few pressures in terms of margins.
The asset management of the bank and also the brokerage arms that were based in the United States also faced a lot of troubles in the fourth quarter. On the other hand, a few Swiss private banks had done really good business from the neighboring countries due to offshore banking.
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