Swiss bank UBS said on Tuesday its earnings will remain at risk for some time to come as its balance sheet remains exposed to illiquid and volatile markets.
The bank's Chairman Peter Kurer said on Wednesday in the UBS annual report that the recent worsening of financial conditions and factors withing the bank had adversely affected its results, particularly its Investment Bank.
Financial market conditions remain fragile as household cash flows continue to deteriorate, the company said. This is also despite measures being taken by governments around the world to ease fiscal an monetary conditions, the bank noted.
Our near-term outlook remains extremely cautious, the bank said.
The company said it will continue to reduce its risk positions, its overall balance sheet size and operating costs.