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UBS (UBS) was one of the hardest hit from the financial crisis, but the company is showing signs of stabilization. In the latest quarterly report, the firm posted profits of $1.3 billion. Actually, it was the first reported profit in a year.
Of course, the cost-cutting was a big help (roughly 16% of the workforce). But there was also a nice tax credit during the quarter.
The company's new CEO, Oswald Grübel, definitely understands how to turnaround financial institutions. After all, he had considerable success at Credit Suisse (CS).
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