UBS Reports $1.31 billion Q2 Loss
UBS posted a net loss of 1.4 billion Swiss francs ($1.31 billion), and suffered 39.4 billion francs of outflows at its wealth and asset management divisions. The bottom line was affected by one-off charges.

The loss came in contrast with forecast-beating results at Swiss rival Credit Suisse and U.S. bank Goldman Sachs, which took advantage of a market rebound while UBS was busy cutting costs and fighting damaging U.S. tax litigation.

The U.S. government and UBS struck a deal on Friday to settle the tax dispute by the end of this week.

UBS is not expected to pay a fine as part of the tax deal and could hand over to Washington 5,000 names of U.S. clients holding secret Swiss accounts, or 10 percent of the names Washington was after.