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Third Quarter Report 2009
Nov. 3, 2009
| At a glance |
Net loss attributable to UBS shareholders was CHF 564 million compared with CHF 1,402 million. |
Business divisions and Corporate Center
Wealth Management & Swiss Bank
Pre-tax profit for Wealth Management & Swiss Bank decreased 15% to CHF 792 million from CHF 932 million. The decline occurred despite significantly lower restructuring charges, as the notable items affected the third quarter results.
Wealth Management Americas
The pre-tax result for Wealth Management Americas improved significantly to a profit of CHF 110 million from a loss of CHF 221 million. Excluding restructuring charges of CHF 1 million in the third quarter and CHF 152 million in the second quarter, the pre-tax result would have improved to CHF 111 million from negative CHF 69 million in the prior quarter. The positive turn in results was driven by reduced operating expenses, resulting from cost control efforts, a credit of CHF 36 million for the over-accrual of financial advisor deferred compensation awards, and an increase in operating income. In addition, non-financial advisor staff levels were reduced 4% during the quarter, with reductions totaling 14% during 2009.
Global Asset Management
Global Asset Management’s pre-tax profit rose to CHF 130 million from CHF 82 million. The increase was primarily due to higher performance fees, mainly in alternative and quantitative investments, and higher management fees driven by a higher average invested assets base.
Investment Bank
The pre-tax result was negative CHF 1,370 million compared with negative CHF 1,846 million. An own credit charge of CHF 1,436 million on financial liabilities designated at fair value was included in the third quarter result, compared with a charge of CHF 1,213 million in the second quarter. The fixed income, currencies and commodities (FICC) business saw positive revenues, after eight quarters of negative revenues. Operating expenses rose compared with the prior quarter.
Corporate Center
The Corporate Center’s pre-tax result from continuing operations was negative CHF 255 million compared with negative CHF 270 million.
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