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News Summary: UBS 2Q hit by Facebook IPO loss

By The Associated Press
Published
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EARNINGS HIT: Swiss banking giant UBS posted a 58 percent drop in its second-quarter profit, hurt by losses from the Facebook stock listing and a downturn at its investment banking division. The results fell short of analyst expectations.

TRADING GLITCH: Problems executing electronic trades on the day of Facebook’s debut pushed the bank to a loss. The technical errors gave UBS more shares than its clients ordered. The bank said it will take unspecified legal action against Nasdaq OMX Group to recoup the losses.

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