Swiss banking major UBS today said it aims to achieve the target of about 15 billion Swiss francs (around USD 14.7 billion) pre-tax profits per year over the next three to five years.
UBS reported a loss of 564 million Swiss francs in third quarter of 2009.
However, UBS saw some improvement sequentially, as it had a net loss of 1.4 billion Swiss francs in the second quarter.
The continuing transformation of UBS and the execution of the business strategies presented to investors would enable it to meet specific goals over medium term (3-5 years), it said in a statement.
The transformation we are undertaking is a fundamental one and it will not happen quickly. I am determined, however, that we build a firm for sustainable profit and not one to focus only on short-term expectations, UBS Group Chief Executive Officer Oswald J Grubel said.
At Citigroup, which is still on government life support, spiraling consumer losses overwhelmed strong trading results. The bank's headline earnings number net income of $101 million came before it accounted for $288 million in preferred dividends and a debt exchange that gives Washington 34 percent of earnings.
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Breaking news
A year after dozens of banks accepted billions in taxpayer bailouts to avoid being swept away by the financial crisis, Goldman Sachs and Citigroup on Thursday reported how they had fared over the summer. The earnings also highlighted the political and financial obstacles now facing each bank.
At Citigroup, which is still on government life support, spiraling consumer losses overwhelmed strong trading results. The bank's headline earnings number β net income of $101 million β came before it accounted for $288 million in preferred dividends and a debt exchange that gives Washington 34 percent of earnings