The Swiss bank UBS came first profit since Oswald Gryubel assumed leadership of the company a year ago. Net profit for the financial institution for the fourth quarter of 2009 amounted to 1.205 billion Swiss francs (1.1 billion), Reuters reported. This is a significant improvement compared to the same period in 2008 when the bank had a loss of 9.58 billion francs. The improvement is partly due to a tax credit of 480 million Swiss francs, and the reduction of bonuses. However, under pressure from the continuing effects of the global financial crisis led to tax evasion cases in the United States and pressure from other countries for violation of banking secrecy to disclosure of tax crimes, UBS continues to lose the trust of its customers. “We are sure that the measures we took for withdrawal of capital from the bank’s clients are effective, but in the immediate future we expect to continue to draw,” says Oswald Gryubel CEO and Chairman of the Board of Directors Vilidzhar Kasper in a letter to investors.
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