Swiss Banking News : January 2009

21.01.2009 Credit Suisse's Private Banking Division recommended a defensive strategy for investors to follow in 2009. Credit Suisse considers that investment portfolio this year should be well-balanced and diversified, based on top recession winners and high-quality assets, in view of global economic and financial recession and difficult credit conditions. Investors are advised to focus on Asia's companies — recession winners, especially in China. Also, Credit Suisse have changed Taiwan and Singapore to neutral on higher growth risks.

29.01.2009 UBS AG announced the financial results for the third quarter 2009, which included the third quarter loss of CHF 564 million, impacted by accounting charges of CHF 2,150 million. Excluding these charges, the underlying pre-tax profit was CHF 1,557 million.
The net loss attributable to UBS shareholders in the third quarter 2009 was CHF 564 million after taxation. The improvement in underlying UBS Group profitability was driven by better performance in the Investment Bank's fixed income, currencies and commodities business Capital and balance sheet strong capital position.
Further reductions of risk exposures and balance sheet included the reduction of total assets by 8 per cent to CHF 1,476 billion and total risk-weighted assets down 15 per cent to CHF 211 billion at the end of the reported quarter.