UBS reports $1.75B first quarter loss

Swiss banking giant UBS confirmed a first quarter net loss of two billion Swiss francs ($1.75 billion) Tuesday and warned that the economy had continued to deteriorate despite a rebound in global stocks. In a statement, the Zurich-based bank said its losses were attributable to writedowns on risky investments now exited or being exited by its investment bank.

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Shares in embattled UBS rally as CEO quits

Shares in Switzerland’s biggest bank UBS rallied on Thursday as Marcel Rohner announced his resignation, just weeks after announcing losses of nearly $17 billion — the largest ever by a Swiss group. Rohner is replaced by Oswald Gruebel, who served as CEO of rival Credit Suisse from 2003 until 2007. “With his previous employer Credit Suisse, Mr

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