UBS profits plummet 76%

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 fall was caused by a loss in its investment banking division, as expected, with the group reporting a CHF256m pre-tax loss, compared with a profit before tax of CHF100m the previous year. UBS also reported full year profits had fallen 44% to CHF4.2bn, compared with 2010's figure of CHF7.5bn. The results come after a tough period for the bank. UBS was badly damaged in the 2008 financial...