Bad Timing On Staff Boost Puts Ubs Profits in a Spin

Summary

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GIANT Swiss investment bank UBS has seen its third-quarter profits slide 21% after it took on extra staff just as financial markets went into reverse.

"We felt the effects of the May and June correction in the first part of this quarter as sentiment did not really improve until September," said chief financial officer Clive Standish. "That is why we were not able to match up to the very strong performance seen in the first half."

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Bad Timing On Staff Boost Puts Ubs Profits in a Spin

Equities were the worst-hit busi...

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