UBS annual net profits plummet by 46%January 27, 2017 - 12:02 AMT PanARMENIAN.Net - Swiss banking giant UBS on Friday, January 27 said profits plunged 46 percent in 2016 under the weight of restructuring costs and a downturn for its investment bank in difficult market conditions, AFP reports. Switzerland's largest bank reported its net profits for the year were 3.3 billion Swiss francs (3.09 billion euros, $3.3 billion). The results included 693 million Swiss francs in provisions for potential legal costs and 1.4 billion in restructuring charges. "Despite a very challenging market environment in 2016, we achieved solid results..," chief executive Sergio Ermotti said in a statement. "While we saw persistent client risk aversion and substantial cross-border outflows, we generated over CHF 40 billion of net new money in our wealth management businesses". The bank said it had been able to reduce costs by 1.6 billion Swiss francs, nearly 50 percent more than in the previous year, and was on track to achieve its target of 2.1 billion by the end of this year. Ultra-low and negative interest rates have been hitting big banks hard, as well as regulatory measures to improve their ability to absorb losses. Swiss banks have also been grappling with the impact of tighter regulation and the end of banking secrecy in Switzerland. Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. Azerbaijan razes historic Armenian church to ground Azerbaijan has demolished the historic Armenian Church of St. John the Baptist (known as Kanach Zham). Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills |