UBS, Bleeding Red, to Raise $3.5 Billion

Swiss banking giant UBS(UBS Quote) will report a second-quarter loss from previously announced restructuring charges and expects to raise 3.8 billion Swiss francs ($3.49 billion) in a sale of stock.

The loss for the second quarter, which the company said it based on results from April and May and estimated results from June, will be narrower than a first-quarter loss of 2 billion Swiss francs.

"The operating result for the quarter is expected to represent an improvement compared with the first quarter of 2009, largely attributable to better market conditions affecting the investment bank and a reduction in losses and writedowns on legacy risk positions," the bank said in a statement. ...