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UBS Profits Drop 54 Percent In 1st Quarter
DAVID GREENE, HOST:
NPR's business news starts with falling profits for UBS.
(SOUNDBITE OF MUSIC)
GREENE: Suisse Bank UBS announced today that their profits fell 54 percent in the first quarter of this year. The drop is blamed on a decrease in investment banking income, and also because of an accounting charge on its debt.
They're not alone. Last week, rival bank Credit Suisse announced a 95 percent drop in first quarter profits. UBS has had its share of troubles lately. In September, the bank lost over $2 billion in a trading scandal. And just last month, the company paid a million dollar fine, the result of a U.S. tax probe. Transcript provided by NPR, Copyright National Public Radio.