Thu, 08/14/2008 - 11:16 — Damien Bluestone
Swiss bank UBS this week announced losses of 358 million Swiss francs (£173m) in the second quarter of this year, and now plans to reorganise the company by separating its investment banking sector from its wealth management arm.
UBS is the bank for some of the richest people in the world and investors have become increasingly frustrated with the banks performance this year. Earlier this year UBS announced a huge loss of 11.54bn Swiss francs for the first quarter of 2008.
The troubled bank has seen a glut of investors and rich clients leave the bank this year and increasing pressure from its current investors and shareholders has prompted the decision for restructuring.
The restructure could pave the way for UBS to sell its troubled investment banking department, making it one of the biggest European casualties of the economic crisis.