Break-even is best for UBS

SWISS bank UBS said today it will at best break even in the second quarter as it is rocked by financial turmoil.

The firm, has written off more than £19 billion since the credit crunch took hold last summer.

It said its next results are likely to be "at or slightly below break-even" following further write-downs on investments hit by the credit crunch.

The firm, which has an Edinburgh office at Wemyss Place, looked to assure investors today that it "has no need to raise new equity".