UBS revealed yesterday it suffered a sharp acceleration of outflows from its once powerhouse private bank in the fourth-quarter, underlining the scale of the problems facing the Swiss banking group.
Net outflows from the private bank doubled to SFr33bn ($31bn) in the fourth quarter from the previous three months, bringing the total for 2009 to SFr90bn – an amount more than the size of most Swiss private banks.
Overshadowing a return to profitability by UBS, the withdrawals came after Sfr107bn of outflows in 2008 and compared with invested assets at the end of December of Sfr960bn.
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