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The results reflect positive contributions from Global Wealth Management & Business Banking and from Global Asset Management, offset by a loss in the Investment Bank. Further market deterioration led to writedowns and losses on previously disclosed Investment Bank risk positions, in particular credit valuation adjustments on monoline insurance exposures. Write-downs were mitigated by continued exposure reductions and by hedge benefits. In connection with the losses to date, the second quarter results include a tax credit of approximately CHF 3 billion. Group net new money was negative for the period. This was most pronounced in April but improved in May and June, in particular for Global Wealth Management & Business Banking. At the end of the quarter, UBS expects its Tier 1 capital ratio to be approximately 11.5 per cent, and has no need to raise new equity. UBS UBS is one of the world’s leading financial firms, serving a discerning international client base. Its business, global in scale, is focused on growth. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses. UBS is the leading global wealth manager, a leading global investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking. UBS is present in all major financial centers worldwide. It has offices in 50 countries, with about 38% of its employees working in the Americas, 33% in Switzerland, 16% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 80,000 people around the world. Its shares are listed on the Swiss Stock Exchange (SWX), the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE). © Copyright by StamfordPlus.com. Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of StamfordPlus.com, Stamford Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar. Related Articles: J. Crew and Yankee Candle company come to Stamford mall - Sep 20, 2008 - 11:38 AM Silver Hill Hospital hosts weekly psychiatry radio program - Sep 19, 2008 - 8:57 AM From Danbury to Stamford, United Way of Western CT takes regional aim at lack of affordable housing - Sep 18, 2008 - 2:53 PM UBS says costs of closing out LEH exposures below $300m - Sep 17, 2008 - 7:29 AM 11,000 years along the Housatonic River: The archaeology of Native Americans in the Northwest Hills - Sep 15, 2008 - 8:53 PM CURRENT HEADLINES: Top of Page
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