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UBS reports a fourth quarter loss of CHF 8.1 billion

Autor: Bancherul.ro
2009-02-10 10:56

UBS reports a fourth quarter loss of CHF 8.1 billion; excluding certain substantial items, adjusted net operating results (pre-tax) were negative CHF 2.8 billion
Year-end tier 1 capital ratio of 11.5%

Fourth quarter 2008 results
• Excluding certain substantial items, adjusted net operating results (pre-tax) were negative CHF 2,806 million.
• Fourth quarter net loss attributable to UBS shareholders of CHF 8,100 million, including a CHF 1,727 million net income tax benefit.
• Fourth quarter net new money outflows of CHF 58.2 billion from Global Wealth Management & Business Banking and CHF 27.6 billion from Global Asset Management; the net new money trend improved progressively over the fourth quarter and net new money was positive in January for both businesses.

Full-year 2008 results
• Group net loss attributable to UBS shareholders of CHF 19,697 million for full-year 2008, due primarily to losses on risk positions in the Investment Bank.
• Lower invested assets drove reductions in revenue and profit from Global Wealth Management & Business Banking and Global Asset Management in 2008.
• Significantly lower performance-based compensation drove cost reductions across all business divisions in 2008.

Risk positions
• Substantial reduction in risk positions during the fourth quarter in addition to the transaction with the Swiss National Bank; first transfer of securities to the fund owned and controlled by the SNB completed in December 2008.
• Remaining risk concentrations exposures in leveraged finance and monolines contributed to losses of CHF 3.7 billion (USD 3.2 billion) in the fourth quarter.
• The reclassification of certain financial assets during the fourth quarter led to lower trading losses but higher impairment charges.

Capital and balance sheet
• Strong capital ratio for year-end 2008, with a tier 1 ratio of 11.5% and a total capital adequacy ratio of 15.5%.
• Total risk-weighted assets under Basel II declined 9% during the fourth quarter to CHF 302 billion.
Cost reduction
• Fourth quarter personnel expenses down 41% from the previous quarter; full-year 2008 personnel expense down 36% from 2007.
• Personnel reductions totaled 1,782 during fourth quarter.

Outlook
• UBS has had an encouraging start to the year, and net new money was positive in January in both our wealth management and asset management businesses. However, financial market conditions remain fragile as company and household cash flows continue to deteriorate. On the other hand, governments are taking very substantial measures to ease fiscal and monetary conditions. Our near-term outlook remains cautious, and UBS will continue its program to strengthen its financial position through reductions in risk positions, risk weighted assets, total assets and operating costs. This will allow us to focus management and other resources on securing and building the firm's core client businesses.

Strategy
• UBS created two newbusiness divisions: Wealth Management & Swiss Bank under the leadership of Franco Morra and Juerg Zeltner, and Wealth Management Americas, led by Marten Hoekstra. Each of the three executives are members of the Group Executive Board.
• The new structure re-focuses UBS on its Swiss core businesses, on the large scale and strengths of its international wealth management franchise in Switzerland, and on the growth potential of its on-shore business globally.
• The Investment Bank has made substantive progress in de-risking and de-leveraging its balance sheet, and its overall structure has been greatly simplified. Achievable targets have been set for 2009 for further reducing headcount and its use of balance sheet and overall risk.
• UBS confirmed the Board of Directors’ and the Group Executive Board’s commitment to each of UBS’s business divisions and strategy. Despite difficult market conditions, UBS has made substantial progress in adjusting its operations and has prepareditself for the new market environment.

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