UBS faces writedowns of another Sfr5bn (€3.1bn) in the second quarter, driven by its exposures to monoline bond insurers and a loss from the sale of assets to US fund manager BlackRock, according to analysts at JPMorgan.

Analysts led by Kian Abouhossein at JPMorgan, wrote in a research note to clients yesterday: "UBS remains a building site until year end 2008, however the underlying franchise is intact with 46% profits from wealth management and just 25% from investment banking."