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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LIBOR SCANDAL: UBS is one of several global banks being investigated for alleged rigging of benchmark interest rates known as Libor. CEO Sergio P. Ermotti said no further evidence of manipulation by UBS has been found other than what the bank already reported to regulators last year.
