UBS Net Falls on Investment Banking; Fund Unit Gains
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UBS AG, Europe&#39;s biggest bank, said third-quarter profit fell 1 percent as gains from managing funds for millionaires cushioned a drop in investment-banking earnings.
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BARCLAYS said yesterday it was on course for a profits haul of about Â£4.5 billion this year. But the shares were the biggest faller on the Footsie as the market was disappointed with a flat performance from
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Swiss banking giant UBS posted weaker third-quarter net profit on Tuesday, just missing market expectations, hurt by a seasonal fall in trading revenue despite a strong showing by its flagship private bank.
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Fidelity Investments, the world's biggest mutual fund firm, said on Friday its profit fell 11.3 percent last year as performance of its funds slipped and costs rose.
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Morgan Stanley and Bear Stearns  Companies posted a drop in quarterly profits on Wednesday,  surprising some investors one day after two other big  investment banks reported a rise in earnings.
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Swiss bank UBS reports a loss for the whole of 2007, hit by bad investments in US sub-prime home loans.
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Stocks fell sharply on Friday, with all three major averages down over 1 percent, as a pair of troubled Bear Stearns hedge funds stoked concerns that other investment banks may face large losses from subprime mortgages.
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Although UBS predicted a return to profitability in the fourth quarter, the losses from subprime mortgage investments left analysts wondering about further big write-offs.
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Sales of investment funds stall as UK investors re-evaluate their portfolios, industry figures show.
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UBS, the largest Swiss bank, said Wednesday that it would write off $14 billion in exposure to the troubled U.S. housing market and post a net loss for 2007.
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Wall Street stocks were lower on Thursday, after a 32 per cent fall in profits at Bank of America (NYSE:BAC) compounded woes in the banking sector and weighed heavily on market sentiment.
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Brokerage announces weaker-than-expected results dragged lower by a writedown in the value of some of its assets.
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Morgan Stanley and Bear Stearns posted drops in quarterly profit yesterday, surprising some investors one day after two other big investment banks reported a rise in earnings.
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Profits were buoyed by investment banking fees, but the bank said it had set aside more money for possible losses in itâs loan business, though said this wasnât due to subprime lending difficulties.
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UBS , the biggest European  casualty of the U.S. subprime crisis, said it was shrinking its  investment banking business, cutting staff and drastically  scaling down its exposure to risky investments.
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World stocks and emerging market assets weakened on Wednesday while safe-haven government bonds rose as UBS  unveiled $4 billion in new write-downs, stirring fears the five-month-old credit crisis is deepening.
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UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.