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Two European banks' Q3 results reflect economic crisis

27. October 2011. | 12:55

Source: VoA

Two of Europe's largest banks released third quarter earnings statements Tuesday that reflect the ongoing worldwide economic crisis.

Two of Europe's largest banks released third quarter earnings statements Tuesday that reflect the ongoing worldwide economic crisis.

Deutsche Bank announced a decline in profits of more than $1 billion – or 37 percent. Bank head Josef Ackerman blamed the bank's economic woes on the continuing worldwide economic situation.

UBS, Switzerland's largest bank, announced a third quarter drop in profits of 39 percent.

In addition to economic concerns, UBS had to contend with a rogue trading loss of $2.3 billion in September.

Like their German counterpart, UBS blames the continued economic struggles for their current financial situation.

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