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UBS announces a loss of Swiss francs 19.7 billion for 2008 (Swiss francs 8.1 million for Q4). This is within analyst expectations. Furthermore, UBS releases that it was able to stop the drain of assets under management in January 2009. This is positive news. Furthermore, the Swiss National Bank only has to buy toxic assets for Swiss francs 39.1 billion and not Swiss francs 60 billion as originally planned. This is certainly good news for the Swiss tax payers.
We have to wait for the details of today's UBS announcements. But the first elements released now seem to go towards a positive direction. An important factor for an assessment will be the details of the losses generated in Q4.
Boni paid will be Swiss francs 2.2 billion instead of the Swiss francs 2.5 billion as originally discussed. This is about seven times less than in the good years.
I have the impression that the UBS average salaries are moving to a sustainable level.
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