Profits Slide For UBS, Deutsche Bank

Jul 31, 2012
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RENEE MONTAGNE, HOST:

NPR's business news starts with lower bank earnings.

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MONTAGNE: This morning, the big Swiss bank UBS reported a 58 percent decline in profit for its second quarter. Some of the losses are tied to Europe's debt crisis. UBS also lost money on the botched Facebook IPO. Also today, Germany's Deutsche Bank said its second-quarter earnings slid 63 percent. Transcript provided by NPR, Copyright NPR.