Shares in UBS plunged after the Swiss banking giant posted a worse-than-expected 58 percent fall in second-quarter profits Tuesday due to losses from the Facebook stock listing and a downturn at its investment banking division.
Switzerland’s largest bank said the drop in profits to $434.16 million) from $1.2 billion a year earlier reflects “challenging conditions marked by increased volatility and greater client caution.” UBS AG incurred a loss due to problems executing electronic trades on the day of Facebook’s listing on the Nasdaq exchange in May.
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