Unicorn reports major deleveraging of balance sheet in 2010
Unicorn Investment Bank (Unicorn) announced in a press release on Tuesday its results for the year ended Dec. 31, 2010. The Bank has reported an annual net loss for the first time, reflecting the continuing effects of the uncertainty in the global financial markets.
Total income for 2010 was $12.3 million, down from $96.5 million in 2009. With limited exceptions, the reduction in income was due to a general lowering of deal flows, within a stressed financial and operating environment.