Shares in UBS fell yesterday after the Swiss bank revealed a bigger-than-expected loss in the third-quarter as its private banking operations continued to haemorrhage funds.
Swiss and international clients withdrew a net SFr16.7bn ($16.2bn) from the bank in the third quarter, while US customers took out a further net SFr9.9bn.
The withdrawals followed net outflows of SFr16.5bn in the second quarter in the Swiss and international business and took to more than SFr165bn the net amounts withdrawn since the first quarter of 2008 – the last time UBS reported positive net new money for the operation.
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