Biz | July 31, 2012 at 13:49
UBS and Deutsche saw lower fees and commissions as big deals dried up in the economic downturn
UBS and Deutsche Bank profits hit by eurozone crisis
UBS and Deutsche saw lower fees and commissions as big deals dried up in the economic downturnEuropean lenders UBS and Deutsche Bank have reported sharply lower profits for the three months ending in June due to lower fees and commissions in the economic downturn.
UBS made $425m Swiss francs ($434m; 276m) compared with 1bn francs a year earlier, down 58%.
Deutsche's quarterly earnings fell 63% to 375m euros ($460m, 293m) from 969m euros last year.
Both banks blamed the economic downturn in Europe and the US for lower profits.
UBS warned it would look into making further cost savings. The Swiss group is already in the process of cutting 3,500 jobs.
source: bbcuk
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