The Swiss bank UBS closes the second quarter with profits down 58%. Net income fell to 425 million Swiss francs, against 1,02 billion in the same period last year and against 827 million francs in the first quarter of this year.
The Swiss bank has estimated a loss of 349 million francs (about 290 million euros) due to Nasdaq's poor management of the Facebook IPO, announcing that it will sue the Nasdaq with a request for full compensation for the loss suffered in this quarter.
In fact, in the press release, UBS describes in detail the individual errors in the management of the Facebook IPO, such as, for example, not trading the Facebook share on the stock exchange and the failure to interrupt trading during the day.
UBS participated in the placement of the social network on the stock exchange through Nasdaq.
