UBS does not expect to make massive fourth-quarter writedowns in the order of $8 billion -- a number predicted by some analysts -- and is sticking to its guidance of turning a group profit, a bank spokesman said.

UBS does not expect writedowns greater than those implied in its outlook which means writedown numbers like $8 billion are not expected, said the spokesman.

The spokesman also said UBS was not holding back further writedowns with the intention of spreading charges over subsequent quarters.