UBS posted a third-quarter profit, compared with a loss a year earlier, but the bank warned of a dismal outlook for the remainder of 2008. A statement from UBS discussed the difficult conditions of equity, credit and money markets worldwide. "We expect that such conditions will continue to affect our clients' assets and therefore our fee-earning business." Meanwhile, Royal Bank of Scotland warned about increasing loan defaults and a $1.6 billion write-down on assets linked to Lehman Bros. and large banks in Iceland.

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