UBS to Report 'Small' Third-Quarter Profit

Top Business News

Joseph Woelfel

10/02/08 - 02:08 AM EDT

UBS(UBS Quote) said Thursday it expects to report a small profit in the third quarter after it "substantially reduced its U.S. commercial and residential mortgage-related positions, mainly through disposals. "

The Swiss bank, in a statement, also said 2009 will be profitable.

UBS Chairman Peter Kurer plans to give a speech Thursday to company shareholders. The bank plans to release its full third-quarter earnings report on Nov. 4.

Bloomberg reported Wednesday that UBS may be cutting as many as 1,900 investment banking, equities and fixed-income jobs. UBS announced earlier this year that it would split its business after incurring large subprime-related writedowns.

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