UBS profits plummet 76%

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Swiss banking giant UBS has seen its profits plunge 76% in the last quarter of 2011 as its investment banking arm turns loss-making.

Net income for the quarter totalled CHF393m (£270m), down from CHF1.7bn a year ago, according to the BBC. The results were well below expectations, with shares down 2% at CHF14.37. The bulk of the...

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