UBS Still Faces Big Challenges

UBS's second-quarter results were neither as good as some hoped or as bad as many feared. But that's hardly the point. Further progress on cleaning up the balance sheet and a modest profit of 1 billion Swiss francs ($938 million) after stripping out one-off items count for little if the Swiss bank can't stop its assets -- both the ones it manages and the ones it employs -- from walking out the door.

Employee morale has become a major business risk at UBS. UBS blames the loss of key client advisers rather than reputational issues arising from its dispute with the U.S. government for the latest outflow of client assets. Net new money outflows in the quarter across the wealth- and asset-management divisions totaled 39.4 billion francs.

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- Posted: 2009-08-04 09:40:05

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