Bail to the Chief.
Reuters reports that the move draws a line under the Swiss government's rescue of UBS nearly five years after the bank threatened to collapse under the weight of more than $50 billion in losses on mortgage securities.
'The results show that our strategy is right and we're ahead on execution', UBS's Chief Executive Sergio Ermotti said in a statement.
UBS's shares hit a two-year high last week after the bank disclosed a quarterly profit that beat analyst views, even after paying $885m to settle a lawsuit with the U.S. housing regulator over the mis-selling of mortgage-backed bonds.
In its outlook on Tuesday, UBS said third-quarter revenue and net new money - a closely-watched bellwether of future business - may be hit as clients fret about the euro zone, U.S. debt trouble, as well as the mixed global economic outlook.
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image: © UBS