UBS Blames Facebook For Slumping Profit

The bank says it bought more Facebook shares than clients wanted, and blamed the mismanaged IPO for its second quarter performance.

UBS has suffered a surprise slump in profit. The Swiss bank's second-quarter net profit more than halved to the equivalent of 354 million euros.

UBS said its business is being hurt by the eurozone debt crisis, the weak global economic outlook and uncertainty about the US economy with the potential for steep tax increases and spending cuts.