UBS posts $1.1bn profit despite rogue trade losses

Swiss banking giant UBS said Tuesday that it expected to post a slight profit for the third quarter, despite rogue trading which lost the bank $2.3 billion."UBS expects to report a modest net profit for the group and positive net new money in its wealth management businesses for the third quarter of 2011," the bank said in a statement.When the bank first announced the discovery of the massive fraud perpetrated by 31-year-old trader Kweku Adoboli, it warned that it might be forced to report a loss for the three months ending September due to the unauthorised trade.

(GENEVA) — Swiss banking giant UBS AG announced massive layoffs Tuesday along with huge losses in its third-quarter results, saying it aims to trim as many as 10,000 employees, or some 15 percent of its staff, to drastically shrink its ailing investment bank. Switzerland’s biggest bank said that as part of the cost-cutting drive to boost profitability it “is likely to have a headcount of around 54,000″ by 2015, down from its current 64,000 employees among 57 countries.

Swiss banking giant UBS on Tuesday posted a net profit of 2.0 billion francs (1.5 billion euros, 1.9 billion dollars) for the second quarter, beating analysts' expectations.Analysts polled by the economics news agency AWP had predicted a profit of 1.1 billion francs between April to June this year.The bank's earnings marked a turnaround from a loss of 1.4 billion francs reported during the same period last year, and marked its third consecutive profitable quarter after colossal losses incurred during the financial and economic crises.

Banks absorb billions loss on rogue trading. US markets in the green. Expected shortage in copper.  

LONDON (Reuters) - Ex-UBS trader Kweku Adoboli was wa

UBS AG, Switzerland’s biggest bank, may be fined more than US$1-billion by U.S. and U.K. regulators for trying to rig global interest rates, more than double the amount levied against Barclays Plc, according to a person familiar with the probe.