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European Banks hit by Eurozone Crisis

in International Business

European Banks hit by Eurozone Crisis

European lender UBS and Deutsche Bank blamed the economic downturn in Europe and the US for lower profits.

UBS made $425m Swiss francs ($434m; £276m) compared with 1bn francs a year earlier, down 58%.

UBS also said it had suffered a 349m Swiss franc loss on Facebook shares.

The European crisis continues to drag along the activity of the banks.

UBS warned that it would look into making further cost savings and is already in the process of cutting 3,500 jobs.


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European Banks hit by Eurozone Crisis

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