UBS AG sees "encouraging signs" for its second-quarter performance and is proceeding as planned with efforts to reposition itself around its private bank and investment banking arms, its chief executive officer said Tuesday in a company memo.

CEO Oswald Gruebel said in the memo that further details about the Swiss banking giant's "comprehensive turnaround program" would be disclosed with its second-quarter results Aug. 4.

Despite warning investors to expect a net loss because of a reversal of previous credit gains on own debt and restructuring charges, Gruebel said the second quarter showed encouraging signs, such as lower writedowns on UBS' remaining risk positions.

The restructuring effort centers on a sharper focus of private banking and has resulted in major steps such as the sale of Banco Pactual of Brazil earlier this year and job cuts.

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