TWO EUROPEAN BANKS' Q3 RESULTS REFLECT 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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