"UBS expects profitable quarter after paring mortgage holdings" by Bloomberg News | October 3, 2008
GENEVA - UBS AG, the largest Swiss bank, had its first profitable quarter in more than a year and said it decreased holdings of mortgage securities to limit losses from the worst US housing slump since the Great Depression.
Translation: They DUMPED the SHIT on YOU, American taxpayers!!!!
UBS said it expects a "small profit" for the third quarter. The Zurich-based bank said yesterday that it "substantially reduced its US commercial and residential mortgage-related positions" and forecast 2009 will be a profitable year.
YOU gonna make a PROFIT this year or next, 'murkn?!
The world's biggest money manager for the rich, UBS disclosed plans in August to split its investment banking unit from wealth management after private-banking clients withdrew more funds than they added for the first time in almost eight years in the second quarter.
UBS, which set a target of cutting the investment bank's balance sheet to $1.54 trillion by year-end, reached that goal ahead of schedule and plans to bring assets down more, said chairman Peter Kurer. He also said more jobs will be lost. The bank plans to eliminate about 1,900 jobs in UBS's investment banking, equities, and fixed income units, two people with knowledge of the matter said this week, adding to 7,000 reductions already disclosed. --more--"
But hey, they gonna MAKE PROFIT!!!!
That's ALL that MATTERS, right, 'murka?
