UBS returned to profitability in Q3

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 Three of the banks most affected by the crisis announced contrasting results for the 3rd quarter: UBS confirms his return to the green, but Merrill Lynch and Citigroup posting losses of several billion dollars.

The first Swiss bank certainly has a low income, 296 million Swiss francs (191 million euros), but positive, against a loss of 358 million francs in the 2nd quarter. B Lack Europe's hardest hit by the crisis has had a plan for aid from Swiss authorities, who opened a fund which will be housed its illiquid assets to a maximum of $ 60 billion. UBS admits that its customers accelerated the repatriation of their capital in recent weeks. More than 50 billion euros have been transferred during the quarter. UBS nevertheless table on a fiscal 2008 "generally profitable even if its investment bank continues to suffer.

In the U.S., Merrill Lynch reported a net loss of $ 5.2 billion, after a loss of 2.2 billion in the 2nd quarter. The U.S. bank being acquired by Bank of America, has funded nearly $ 5.7 billion to liquidate its commitments on credit derivatives. Merrill Lynch claims to have made "significant progress" in reducing its exposure to bad debts. The property has already depreciated more than 40 billion dollars in recent quarters.

For its part, Citigroup announced a net loss of $ 2.8 billion over the period, against a profit of 2.2 billion over the same period a year earlier. The giant U.S. bank recorded its 4th consecutive quarter in the red. ( Finance Information City )