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UBS expects massive $2.34B profit in Q1 2010

Switzerland’s largest financial intermediary today said it expects to post a CHF 2.5-billion (USD $2.34-billion) before tax profit for the first quarter of 2010.

The numbers would mark the largest quarterly profit from over 3-years ago after the bank saw more than 75-percent of its market capitalization fall in late 2008. UBS’ current market cap on the NYSE is 60.45-billion as at today in early morning trading, with the stock trading up more than 3.80-percent to $17.15 per share.

UBS CEO Oswald Gruebel, 66, is hoping for the bank to reach annual before tax profits of CHF 15-billion within the next 5-years, levels not seen after the financial crisis. Gruebel says this goal would be accomplished mainly by focusing on the fixed-income trading unit at the bank.

The bank said it would publish actual financial earnings for the quarter on May 4th.

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IRS Seeks UBS AG Client List of Swedish Accounts for Tax Evasion

ubsThe IRS is asking a Miami district court to force UBS AG to disclose the names of account holders with Swiss Bank accounts who have avoided U.S. taxes. The IRS claims there are up to 52,000 accounts with positions totaling $15 billion+ UBS AG says it will fight the court order and says it shouldn’t have to disclose the information as it already has a current agreement with the U.S. government, and given Swedish financial and privacy laws. UBS has already agreed to pay $780 million in U.S. fines for aiding accounts in avoiding U.S. taxes. U.S. Justice Department acting attorney general John DiCicco said in a statement, “Americans are losing their jobs, their homes and their health care, it is appalling that more than 50,000 of the wealthiest among us have actively sought to evade their civic and legal duty to pay taxes,”

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