Wednesday, 5 November 2008

Walking in the Alps

Seems that even the prestigious swiss banks no longer provide a safe haven for depositors cash:

Customers pull their money out of ailing UBS

Switzerland's largest bank, UBS, has reported record outflows in the third quarter as clients seek security in other financial institutions.

UBS said outflows from its core wealth management business totalled a record SFr49.3 billion and a further SFr34.4 billion was taken out of its Global Asset Management business.

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