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While UBS (NYSE: UBS) remains the largest bank in Switzerland, this isn't helping much. In the company's latest quarterly results, there was a net loss of $552.9 million. Then again, UBS had to take some major charges, such as for the sale of its Brazilian investment bank and valuation changes on its large outstanding debts.
But there is more bad news: UBS continued to suffer from problems with its private banking division. Unfortunately, assets continue to flee (up to $25.8 billion in the prior quarter). The main reason is the U.S. crackdown on offshore tax havens, which has resulted in UBS handing over information on 4,450 accounts. Obviously, this is extremely chilling for client relationships.
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