This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-15441961

The article has changed 5 times. There is an RSS feed of changes available.

Version 2 Version 3
UBS reports profit despite trading scandal UBS reports profit despite trading scandal
(40 minutes later)
Swiss bank UBS has reported a better-than-expected third-quarter net profit of 1bn Swiss francs ($1.1bn; £710m)Swiss bank UBS has reported a better-than-expected third-quarter net profit of 1bn Swiss francs ($1.1bn; £710m)
This was despite being hit by a 1.8bn franc loss from deals made by alleged rogue trader Kweku Adoboli.This was despite being hit by a 1.8bn franc loss from deals made by alleged rogue trader Kweku Adoboli.
When the deals were uncovered in London last month, UBS warned that it might have to report a loss for the quarter.When the deals were uncovered in London last month, UBS warned that it might have to report a loss for the quarter.
The results are lower than the 1.66bn franc profit reported in the same quarter a year ago, but identical to the 1bn francs it posted last quarter. UBS said controls on certain trades had not been working properly and checks to ensure that internal transactions were recorded accurately had failed.
UBS said it had been hit by unauthorised trading on 15 September, shortly after Mr Adoboli was arrested in London. The Swiss banking group said it had been hit by unauthorised trading on 15 September, shortly after Mr Adoboli was arrested in London.
In its report, the Swiss banking giant said that controls on certain trades had not been working properly and that checks to ensure that internal transactions were recorded accurately had failed. UBS said: "We have taken and are taking measures to address these control deficiencies." The bank said investigations were continuing.
UBS added: "We have taken and are taking measures to address these control deficiencies." The bank said investigations were continuing. Mr Adoboli will appear in court in London next month. He faces two charges of fraud and two of false accounting over a three-year period at the bank. He has yet to enter a plea against the charges.
The latest UBS profit figure was lower than the 1.66bn franc profit reported in the same quarter a year ago, but identical to the 1bn franc profit it reported last quarter.
Although the bank acknowledged that the current economic climate could be turbulent, interim chief executive Sergio Ermotti said the outlook for UBS clients and shareholders was "unquestionably solid".Although the bank acknowledged that the current economic climate could be turbulent, interim chief executive Sergio Ermotti said the outlook for UBS clients and shareholders was "unquestionably solid".
However, UBS chief financial officer, Tom Naratil would not comment when asked if there were any plans for further job cuts.