Despite reporting 2.172bn Swiss francs in third quarter losses, UBS has increased the lower end of its goal to achieve a return on equity of 'at least 15 per cent' by 2015 from the prior of 12-17 per cent.

The Swiss bank's bottom line was hit by a pretax impairment charge of 3.1bn francs from goodwill and other non-financial assets related to its investment bank.

UBS also marked a new third-quarter record (typically a slow period) of 7.7bn francs in new client money.

The bank is currently following through on its restructuring program, which is expected to save about 3.34n francs over the next three years, as it trims back its investment bank and confirmed that it plans to reduce its workforce by 10,000 employees.

UBS is now trading up by 5.11% to 13.79 Swiss francs.

JM

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