UBS Scraps Profit Goal After Second-Quarter Net Falls 49%
This article is for subscribers only.
UBS AG, Switzerland’s largest bank, scrapped its profit target for 2014 and announced cost cuts after second-quarter net income dropped 49 percent following a slump in earnings at the investment bank.
Net income fell to 1.02 billion Swiss francs ($1.27 billion) from 2.01 billion francs in the year-earlier period, the Zurich-based bank said in a statement today. That missed the