UBS, Switzerland’s biggest bank, has announced that fourth-quarter profit dropped 76% after its investment bank reported a second consecutive quarterly loss.
European corporate defaults are expected to climb sharply this year as banks cut lending and a deteriorating economic climate puts many smaller or indebted companies under pressure.
A group of top European banks – including Deutsche Bank and Barclays – is disclosing that they didn't borrow money under the European Central Bank's bank-lending programme, fearful of being perceived as bailout recipients.
