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Warnings from two of Europe's top banks

Warnings from two of Europe's top banks
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Switzerland’s UBS has said tough trading conditions are set to continue while Deutsche Bank is flagging up more possible job cuts.

The biggest German lender said it is in the process of laying off 10 percent of its investment banking staff as that part of its business faces the toughest conditions since 2008.

Third-quarter pretax profit was 942 million euros compared with a loss a year earlier of just over one billion euros.

Despite an almost 1.5 billion euro loss from the actions of an alleged rogue trader, UBS’s third quarter net profit fell less than expected. It was down by 39 percent at 830 million euros.

The bank said July to September has been “very challenging” and the fourth quarter had started with “increased evidence of strain to the financial system”.

UBS’s troubled investment bank is being restructured and will give details of any possible new job cuts next month.

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