UBS releases second-quarter results

On August 12, UBS announced its results for the second quarter of 2008, which included a net loss of $331 million on write downs of $5.1 billion. On the same day, UBS anounced that it would buy back $18.6 billion of auction-rate securities from its clients in response to governmental investigations. Also, UBS disclosed plans to separate its wealth management business from its investment banking and asset management segments.

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