535px-UBS_Logo.svg.pngOn Friday, UBS AG (NYSE: UBS), the largest Swiss bank announced that the Q2 results might be on schedule or slightly behind, bringing some confidence into the rocky market.

This announcement comes just after UBS's neighbor, Deutsche Bank (NYSE: DB) released similar news regarding its performance.

Some market observers had been projecting a loss of $4.9 billion for UBS. The second-largest bank in Europe has been hammered quite heavily with subprime-related losses for the past year and was twice forced to seek additional capital. UBS was forced to write-off a total of $37 billion due to the global economic crisis.
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Despite rocky market, UBS is holding tight

On its website, UBS said: "At the end of the quarter, UBS expects its Tier 1 capital ratio to be approximately 11.5 per cent, and has no need to raise new equity. "

Last week UBS hit the media world with another chunk of breaking news, announcing major changes to its board.

Reference

http://www.ubs.com/1/e/about/news.html?newsId=144779