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August 4, 2009

UBS posts seventh quarterly loss in 2 years

Hard-hit Swiss bank UBS AG, which has operations in Stamford, reported another quarterly loss today,  continuing this earning season's trend that has seen a number of big banks produce stronger results while others are still struggling from the fallout of the finanicial crisis.

A number of big banks have announced bigger profits for the quarter, including Deutsche Bank AG, Credit Suisse Group, Wells Fargo & Co., Bank of America, Goldman Sachs Group Inc. and JPMorgan Chase & Co. But Morgan Stanley joined UBS in reporting a loss, and others like Citigroup Inc. and HSBC Holdings PLC, were in the black but still weighed down by problem loans.

UBS, beset by a U.S. tax evasion probe, posted a second-quarter loss of 1.4 billion Swiss francs ($1.3 billion) in an improvement over the first three months of the year.

UBS, which has been struggling to recover from major losses in the U.S. mortgage crisis, said the result was more than three times the 395 million franc loss for the same period in 2008, when UBS was also saddled with writedowns of $5.1 billion. (AP)

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