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UBS suffers in hostile markets

UBS suffers in hostile markets

The slump in bond and equity markets last year took their toll at Union Bank of Switzerland, which reported a 29 per cent fall in profits to SFr1.613bn (£838m). Revenue from trading on the battered financial markets tumbled 64.2 per cent to SFr1.045bn (£542.5m) after an exceptionally strong 1993 when revenues rose by 73.5 per cent.

UBS chief executive Robert Studer blamed the latest performance on what he called the inhospitable market environment.

The picture would have been even worse but for the release of substantial provisions for country risks, with overall provisions, depreciation and write-offs down by 20.4 per cent to SFr1.775bn.