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UBS reports 1Q net loss $11 billion



By Ernst E. Abegg
06 May 2008 @ 07:35 am EST


Switzerland UBS
A Jan. 24, 2008 file photo shows the logo of Switzerland`s UBS bank above the entrance to the headquarters in Zurich, Switzerland. Swiss bank UBS AG reported a net loss Tuesday, May 6, 2008 of 11.5 billion Swiss francs (US$10.97 billion; euro 7.1 billion) for the first quarter of this year and announced 5,500 job cuts. This compares with a net profit of 3 billion Swiss francs in the same period last year. The losses translate to 5.63 Swiss francs...
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Associated Press Writer Frank Jordans in Geneva contributed to this report.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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