UBS (UBS): Q3 net loss 2.17B francs vs profit of 1.02B francs a year earlier and consensus of...

|About: UBS Group AG (UBS)|By:, SA News Editor

UBS (UBS): Q3 net loss 2.17B francs vs profit of 1.02B francs a year earlier and consensus of 439M franc profit, due to impairment charge of 3.1B francs related to goodwill and other non-financial assets. Confirms plans to cut 10,000 jobs and close its fixed income business as it looks to save 3.4B Swiss francs a year. However the restructuring will cost 3.3B francs over the next three years. (PR: earnings, reorganization)