Tuesday, February 9, 2010

UBS back to profit in Q4, outflows accelerate

ZURICH (Reuters) - Swiss bank UBS posted its first quarterly net profit since Oswald Gruebel took the helm a year ago, but client withdrawals rose well above forecasts, signaling he may need more time to steady the ship.

UBS, hit hard by the credit crisis and a bitter U.S. tax row, needs to show sustainable recovery to win back client and investor confidence, particularly as a U.S. settlement is now in question and Swiss bank secrecy remains under attack-(Reporting by Lisa Jucca) www.reuters.com link

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