UBS posts seventh quarterly loss

Although the Q2 figures mark the bank's seventh quarterly loss in two years, they were an improvement on the first three months of 2009 when the loss hit SFr1.98bn. The bank says outflows of money soared in Q2 as investors pulled out assets. Net outflows in Q2 were SFr39.4bn compared with SFr14.9bn in the first quarter of this year. UBS has been heavily hit by the credit crunch and consequently forced to axe 4,400 members of staff, reducing its head count to around 71,806 at 30 June. The firm recently announced staff will be further reduced to approximately 67,500 by 2010. However...