Since the financial crisis broke out in the US, Swiss bank UBS has reported a full year profit in 2010 for the first time and total earnings for the year was reported at 7.2 billion Swiss francs (£4.7 billion, $7.5 billion). The bank had reported a total loss of £2.7 billion in 2009.

“While we made substantial progress in 2010, we are fully aware that we have to continue to improve our results”, said Oswald Grubel – the chief executive of UBS.

The bank also announced a 10 percent cut in its total bonus fool to 4.3 billion francs from 4.8 billion francs reported in 2009.

The bank stood a good chance of loosing its talent if it were to reduce the bonuses further. UBS’s profit in 2010 comes after three straight years’ loss.

UBS had reported a full year profit for the last time in 2006 of 12.6 billion francs before its earnings were seriously impaired by the US sub-prime crisis.