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First Quarter Report 2008
May 6, 2008
| At a glance |
Net loss attributable to UBS shareholders in first quarter 2008 was CHF 11,535 million. Losses from continuing operations totaled CHF 11,609 million, while discontinued operations saw a net profit of CHF 74 million due to the sale of the last fully consolidated operating private equity participation. |
Business groups and Corporate Center results
Global Wealth Management & Business Banking
Global Wealth Management & Business Banking achieved a pre-tax profit of CHF 2,152 million in first quarter 2008, a decrease of 13% from the prior quarter. In comparison with fourth quarter 2007, each business area reported lower pre-tax profits: the international and Swiss wealth management businesses reported a 13% decline to CHF 1,429 million, Wealth Management US saw a 12% decline to CHF 183 million and Business Banking Switzerland saw a 10% decline to CHF 540 million. Net new money inflows from the wealth management businesses were CHF 5.6 billion in first quarter 2008, down 82% from the prior quarter.
Global Asset Management
Global Asset Management’s pre-tax profit was CHF 330 million in first quarter 2008, down 32% from CHF 485 million in fourth quarter 2007. This was mainly due to lower performance fees compared with the prior quarter, in combination with lower management fees across the business as a result of lower invested assets impacted predominantly by financial markets performance and the stronger Swiss franc.
Investment Bank
In first quarter 2008, the Investment Bank recorded a loss of CHF 18,228 million, compared with a pre-tax profit of CHF 1,539 million in first quarter 2007. This decline was due to net revenues of negative CHF 19,113 million in the fixed income, currencies and commodities area, mainly related to the inventory of securities linked to the US real estate market.
Corporate Center
With effect from first quarter 2007, Industrial Holdings is now reported in Corporate Center. The pre-tax gain for first quarter 2008 stood at CHF 3,947 million from continuing operations – primarily due to a one-time accounting gain of CHF 3,860 million related to the issue of mandatory convertible notes on 5 March 2008. Profit from discontinued operations was CHF 120 million, related to the sale of the last fully consolidated operating company in the private equity portfolio.
Important legal information - please read the disclaimer before proceeding.
Products and services in these webpages are not available for US persons, for the exclusion of residents of other nations see the disclaimers relating to the actual services.
© UBS 1998-2008. All rights reserved.
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