Swiss Conservatism Refuses to Cook the Books
August 5, 2009 UBS Posts $1.3 Billion Quarterly Loss By JULIA WERDIGIER LONDON — UBS posted a $1.3 billion quarterly loss on Tuesday, the third in a row for Switzerland’s biggest bank, and blamed costs linked to its reorganization program. The loss widened to 1.4 billion Swiss francs in the second quarter from 395 million francs in the same period a year earlier. The company cited costs related to job cuts and charges to improve the bank’s debt position, and it said clients continued to withdraw money from its wealth management units even though the rate of net outflows slowed from the first quarter. The bank gave a bleak outlook, saying that a sustainable economic “recovery is not yet visible.”
______________________________________________ Which is probably why, after climate change has removed we lesser beings from the earth, only cockroaches, crows and the Swiss will survive. Intransigent folk, those middle-European mountaineers.
A hearty breed, devoted to av…