Oswald Gruebel, CEO of Swiss Bank UBS, speaks during a press conference announcing the second quarter results of 2011 in Zurich, Switzerland, Tuesday, July 26, 2011. Swiss bank UBS AG lowered its ... more 
Oswald Gruebel, CEO of Swiss Bank UBS, speaks during a press conference announcing the second quarter results of 2011 in Zurich, Switzerland, Tuesday, July 26, 2011. Swiss bank UBS AG lowered its forecast and announced fresh job cuts Tuesday after posting sharply diminished second-quarter net profits of 1.02 billion Swiss francs (US $1.2 billion). UBS said net profit attributable to shareholders fell almost 50 percent from 2 billion francs in the April-June period of 2010. This was more than the 30 percent cut analysts had predicted. (AP Photo/Keystone/Walter Bieri) - GERMANY OUT AUSTRIA OUT - less 
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Associated Press | Photo By Keystone/Walter Bieri
Tue, Jul 26, 2011 5:29 AM EDT