UBS came out Friday and gave us a quick estimate of its Q2 profits. Bottom line is that the investment bank lost more money in the period (although the firm didn't specify the likely asset writedown number, which has been put as high as $7.5bn), but that a tax credit of $2.9bn and profits from the company's wealth management and asset management units means that second-quarter earnings are likely to be 'at or slightly below break-even'. The bank also said that there is no current need to raise additional capital.
UBS Says It's Bad, But It Could Be Worse
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