BANKING giant UBS said it no longer expects to report a loss in the third quarter – despite the £1.5bn hole left by alleged rogue trading.
The Swiss bank also said it is set to report revenues in its wealth management arm at similar levels to the second quarter – in a sign that investors have not pulled cash out of UBS in the wake of the scandal.
The resilient trading update comes after UBS chief executive Oswald Gruebel took responsibility for the massive losses and resigned.
Former UBS trader Kweku Adoboli, 31, was last month charged with committing false accounting and fraud during his time at the bank’s London offices.
He is yet to enter a plea against the charges.
