UBS Says It May Avoid Loss, Doesn't Need More Capital

UBS AG may avoid a loss in the second quarter and has no plans raise capital after 3 billion Swiss francs ($2.9 billion) in tax credits offset damage from the subprime crisis.

UBS, the European bank hardest hit by the subprime contagion, said today its results were ``at or slightly below break-even'' in the quarter. Citigroup Inc. analysts estimated this week UBS would post a loss of 4.56 billion francs in the period on about 7 billion francs in asset writedowns.

Chief Executive Officer Marcel Rohner, who has announced plans to cut 5,500 jobs and shrink the investment bank, is also trying to stem defections among wealthy clients after 25.4 billion francs of net losses. UBS said its money management division suffered client defections in the second quarter, with the withdrawals most pronounced in April.

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- Posted: 2008-07-04 09:25:53

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