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Gruebel turnaround means UBS may trump rival
February 9, 2010
UBS AG, the European bank with the biggest losses from the credit crisis, is poised for an earnings rebound that may help it catch up to Credit Suisse Group AG.
Zurich-based UBS may report its first annual profit since 2006 this year after spinning off $38.7 billion in toxic assets into a central bank fund, cutting 18,500 jobs and appointing 11 new managers to the executive board, including a chief executive officer. The bank reports fourth-quarter 2009 earnings tomorrow.
"UBS was a catastrophe," said Eric Bendahan, who manages Banque Syz & Co.'s 1.8 billion-euro ($2.5 billion) Oyster European Opportunities Fund and counts UBS as one of his three largest holdings.
Original Posting At: BusinessWeek
Zurich-based UBS may report its first annual profit since 2006 this year after spinning off $38.7 billion in toxic assets into a central bank fund, cutting 18,500 jobs and appointing 11 new managers to the executive board, including a chief executive officer. The bank reports fourth-quarter 2009 earnings tomorrow.
"UBS was a catastrophe," said Eric Bendahan, who manages Banque Syz & Co.'s 1.8 billion-euro ($2.5 billion) Oyster European Opportunities Fund and counts UBS as one of his three largest holdings.
Original Posting At: BusinessWeek
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