UBS posts 14% drop in net profit in Q2

In the second quarter, UBS realized a net profit of 1.03 billion Swiss francs, a decrease of 14% over one year. The result is, however, a rise of 46% compared to the first quarter of 2016.

Profit before tax fell by 15% to 1.49 billion francs a year, but it increased by 52% over the first quarter, he has now shown the first Swiss bank in a statement. Operating revenues decreased by 5% to 7.4 billion over the year.

As explained by the bank in a statement, the persistent market volatility, macroeconomic uncertainties and the strong geopolitical tensions, strengthened by Brexit, they contributed aversion by customers to take risks and the low volume of transactions. And UBS added that "It is unlikely that these conditions will change in the near future."
The number of workers in 2015 was approximately 60,000 full-time units, a decrease of 450 employees in the quarter.

In the morning, as reported by Corriere della Sera, UBS, with the former number one of Intesa Sanpaolo Corrado Passera, sent a letter of intent to participate in the rehabilitation of the Monte dei Paschi di Siena, which will be examined in the coming hours the board of the Italian bank in crisis. The plan has the financial support of the Swiss group UBS, led today by CEO Sergio Ermotti, although the transaction is signed by Andrea Orcel, president of investment bank.