UBS - UBS Group AG

NYSE - Nasdaq Real Time Price. Currency in USD
-0.07 (-0.60%)
As of 9:48AM EST. Market open.
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Previous Close12.40
Bid12.30 x 1200
Ask12.31 x 3200
Day's Range12.30 - 12.34
52 Week Range10.12 - 13.86
Avg. Volume2,846,047
Market Cap44.871B
Beta (3Y Monthly)1.26
PE Ratio (TTM)11.97
EPS (TTM)1.03
Earnings DateN/A
Forward Dividend & Yield0.69 (5.53%)
Ex-Dividend Date2019-05-06
1y Target Est13.70
  • UBS Group Agrees to Pay $51 Million for Overcharging Clients

    UBS Group Agrees to Pay $51 Million for Overcharging Clients

    UBS Group (UBS) will be paying $51 million to Hong Kong regulators to settle legal issues.

  • UBS fined $51 million by Hong Kong regulator for overcharging clients

    UBS fined $51 million by Hong Kong regulator for overcharging clients

    Swiss bank UBS was fined HK$400 million (40 million pound) by Hong Kong's securities regulator for overcharging up to 5,000 clients for nearly a decade, the watchdog said on Monday. The Hong Kong Securities and Futures Commission (SFC) said in a statement that an investigation found UBS had overcharged clients on 'post-trade spread increases' and charges in excess of standard disclosures and rates between 2008 and 2017. The fine is the equal to the largest ever levied on a bank in Hong Kong.

  • UBS wealth management co-head Khan unveils plans to grow business - paper

    UBS wealth management co-head Khan unveils plans to grow business - paper

    UBS executive board member Iqbal Khan wants to expand credit to rich clients as a way to grow the Swiss bank's wealth management business, it was reported on Sunday. Khan, the former Credit Suisse star manager who is now co-head of wealth management at UBS, said in a memo to staff he wanted to see "quick wins while working on long-term strategic solutions," Sonntagzeitung wrote on Sunday. "Financing is definitely an area where we could do more," Khan said in the memo, according to the newspaper.

  • Business Wire

    UBS Declares Coupon Payments On 15 monthly Pay ETRACS Exchange Traded Notes

    DVYL: linked to the Dow Jones U.S. Select Dividend Index

  • UBS, Banco do Brasil Reach Deal for Venture in South America

    UBS, Banco do Brasil Reach Deal for Venture in South America

    (Bloomberg) -- UBS Group AG and Banco do Brasil SA agreed to create a partnership for investment banking and an institutional-brokerage business in South America.The venture, which still needs regulatory approval, will operate in Brazil, Argentina, Chile, Paraguay, Peru and Uruguay, the two companies said Wednesday in a statement.UBS will have a controlling stake of 50.01% of total capital and Banco do Brasil, the nation’s biggest bank by assets, will hold the rest. There will only be common shares. Giving the Zurich-based company control means the venture wouldn’t have to comply with some of the constraints Brazil places on state-owned entities, such as restrictions on bonuses and hiring.The Brazilian lender’s clients will benefit from UBS’s global trading and investment-banking reach and research capabilities, while the Swiss firm gains access to Banco do Brasil’s corporate customers and transaction flows. UBS will contribute its investment-banking platform in Brazil and Argentina, as well its leading institutional brokerage business in Brazil, the companies said.UBS also gains entrance into the booming local fixed-income market, where Banco do Brasil is the fifth-biggest underwriter so far this year, according to Anbima, the capital markets association. The bank earned 462 million reais ($114 million) in capital-market fees during the first half, 11% more than a year earlier, according to its earning statement.“If I am a corporate client of Banco do Brasil, I will now have access to what UBS has in terms of its local and global capabilities,” Tom Naratil, president for UBS Americas and co-president for global wealth management, said in an interview. “If you look at our partnership, there is very little overlap of capabilities.”The companies will each appoint three board members to the venture, with the chairman picked by Banco do Brasil. UBS will name the vice chairman and chief executive officer. Banco do Brasil will also select a commercial officer to oversee the relationship between its customers and corporate bankers, and the newly formed investment bank. The venture will be incorporated on UBS’s balance sheet under UBS Brazil, led by the CEO for the country, Sylvia Coutinho.“We expect the capital markets in Brazil to flourish and companies to begin issuing more and more debt and equity, and we plan to have a leading position in those businesses,” Coutinho said in an interview, adding that the deal came together after 18 months of talks. “Most of the companies in Latin America are owned by families, so there is a lot of synergy between our wealth-management business, where we are global leaders, and the investment-banking business.”Bank RankingsBanco do Brasil, the nation’s biggest asset manager, doesn’t have its own brokerage to trade securities, forcing it to rely on other banks. The Brasilia-based lender had 1 trillion reais in assets under management as of September, according to Anbima. UBS’s broker dealer, ranked No. 1 in Brazil equity trading since 2014, is in second place this year, according to data compiled by Bloomberg.Banco do Brasil had a loan book of 686.6 billion reais as of June. Loans to large corporations accounted for about 154 billion reais of the total. The state-owned bank can help the joint venture win investment-banking deals that require credit such as bridge loans for acquisitions or underwriting of local bonds -- markets that are booming this year.“Banco do Brasil is extremely strong in debt capital markets, and we can benefit from that,” Naratil said.UBS ranks fourth in advising on mergers in Brazil this year through Nov. 4 and 11th in equity underwriting, according to data compiled by Bloomberg. The Zurich-based lender doesn’t participate in the local bond market.UBS’s broker dealer lost its No. 1 rank in Brazil equity trading this year to XP Investimentos SA, according to data compiled by Bloomberg. XP handled 894.8 billion reais in gross value this year through Nov. 4, while UBS took second with 672.8 billion reais, the data show. XP also owns brokerages Clear and Rico, which add an additional 219.9 billion reais to the firm’s total.UBS’s brokerage, which doesn’t operate in the retail market in Brazil, has led the nation in low latency computer trading, a market dominated by foreign investors. The bank also has a strong presence in the cash equity and derivatives markets.Companies related to wealth and asset management aren’t included in the partnership.(Updates with executives’ comments starting in the sixth paragraph. A previous version of this story corrected the date of the companies’ announcement.)\--With assistance from Felipe Marques.To contact the reporter on this story: Cristiane Lucchesi in Sao Paulo at clucchesi5@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at, Steve Dickson, Steven CrabillFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • UBS-Banco do Brasil Partner for Investment Banking Services

    UBS-Banco do Brasil Partner for Investment Banking Services

    UBS Group (UBS) enters into partnership with Banco do Brasil in order to strengthen position in Brazil and benefit from latter's capital markets distribution platform.

  • Business Wire

    UBS and Banco do Brasil Set to Launch a Leading Investment Bank in South America

    Today UBS (UBS) (SWX:UBSN) and Banco do Brasil signed a binding agreement to establish a strategic partnership that will provide investment banking services and institutional securities brokerage in Brazil and select countries in South America. Clients in the region will have access to M&A and advisory capabilities, debt and equity capital markets, and a broad network of corporates and investors, as well as institutional securities brokerage and research. Subject to regulatory approvals, the jointly-owned investment bank will combine the strengths of two complementary players with local and global resources.

  • Business Wire

    David W. Ellis III Named to Forbes’ 2019 List of Top Wealth Advisors

    David W. Ellis III, UBS private wealth advisor and managing director of The Ellis Group, has been named to Forbes’ Top Wealth Advisors List for the fourth year in a row. The prestigious list recognizes the top 250 wealth advisors in the United States.

  • Itau Unibanco (ITUB) Q3 Earnings Impress on Stellar Revenues

    Itau Unibanco (ITUB) Q3 Earnings Impress on Stellar Revenues

    Itau Unibanco's (ITUB) third-quarter 2019 earnings highlight higher revenues, partly muted by elevated expenses and provisions.

  • Business Wire

    UBS Proud to Launch the Minnesota Wild Blind Hockey 2019-2020 Season

    As the presenting Sponsor of Minnesota Wild Blind Hockey, UBS is proud to launch the Minnesota Wild Blind Hockey 2019-2020 season on Saturday, November 2, 2019 at the Mariucci Arena on the campus of the University of Minnesota. UBS will be hosting a blind hockey exhibition game between the 1st and 2nd periods of the University of Notre Dame vs the University of Minnesota men's hockey game. "We are really excited to be the presenting sponsor of Minnesota Wild Blind Hockey and we are proud to be part of such an inspirational program," said Stephen P. Glynn Managing Director and Market Head of the Minnesota-Northern Plains Market for UBS.

  • UBS could double Americas wealth business profit within a decade

    UBS could double Americas wealth business profit within a decade

    UBS Group could double the profit it makes from its American wealth management arm within a decade even as it cuts staff numbers by targeting the super-rich, the co-head of the business told Reuters. By encouraging customers to use more lucrative services, such as loans and mandates, where the wealth manager takes more control of a client's investments, UBS could make do with significantly fewer U.S. customer advisers than the 6,600 it now employs, its co-head of wealth management, Tom Naratil, said in an interview. "Even if our total adviser count in the U.S. drops below 6,000, it would be a group of advisers who are twice as productive as they are today, measured in revenue per adviser," he said.

  • UBS Advisor Kirsten Ismail Named to Working Mother Magazine's 2019 'Top Wealth Advisor Moms' list.
    Business Wire

    UBS Advisor Kirsten Ismail Named to Working Mother Magazine's 2019 'Top Wealth Advisor Moms' list.

    Working Mother and Shook Research rank these advisors based on the volume of assets overseen by the advisors and their team, revenues generated for the firm, and the quality of the advisors’ practices.

  • Deutsche Bank (DB) Incurs Q3 Loss as Revenues Fall, Costs Up

    Deutsche Bank (DB) Incurs Q3 Loss as Revenues Fall, Costs Up

    Deutsche Bank's (DB) Q3 results reflect the impact of overhaul costs, decline in revenues and higher provisions.

  • Credit Suisse CEO says Khan spying affair leaves business unscathed

    Credit Suisse CEO says Khan spying affair leaves business unscathed

    Credit Suisse Chief Executive Tidjane Thiam said a "media campaign" surrounding the Swiss bank's tailing of former International Wealth Management executive Iqbal Khan had left clients undeterred and business unscathed. Speaking publicly on Wednesday for the first time since the incident last month prompted an internal inquiry which cleared him, Thiam said he had not directly or indirectly authorised the surveillance. The incident shook up Swiss banking and badly damaged Credit Suisse's reputation, costing then-chief operating officer Pierre-Olivier Bouee, one of Thiam's close allies, his job and exposing enmity between Thiam and Khan, who now works for arch-rival UBS .

  • Business Wire

    UBS and EVERFI Partner to Launch Innovative, Digital Education Program for Schools and Nonprofits Across the U.S.

    UBS and EVERFI, a leading social impact education technology company, announced today the launch of Keys To Your Future: College & Career Readiness, a personalized digital curriculum available for low-to moderate-income high school students across the U.S., to better prepare them for college and career. Through the multiyear partnership with EVERFI, UBS has committed $3M to develop the program and implement it in schools and after-school programs nationwide. Leveraging EVERFI's nationwide reach, Keys to Your Future will be rolled out across the country with targeted focus in 12 priority markets at launch: Boston, Denver, Detroit, Houston, Los Angeles, Miami, Minneapolis, Nashville, New York/Newark, Philadelphia, Seattle, and Washington, D.C. The curriculum combines online lessons with in-person supplemental activities from teachers and from local UBS colleagues who will volunteer their time to help students make informed, goal-oriented decisions that puts them on a path to post-secondary success.

  • UBS Star Ex-Broker Wins $1.5 Million Gender Discrimination Award

    UBS Star Ex-Broker Wins $1.5 Million Gender Discrimination Award

    (Bloomberg) -- Christine Carona, a former star broker at UBS Group AG, won a more than $1.5 million arbitration award after she alleged gender discrimination against her former employer and its Boston-based branch manager.The ruling found that UBS and her former boss, James Ducey, hurt Carona’s career by treating her differently from male peers and then retaliating after she complained multiple times to the human resources department. Carona will receive more than $600,000, while the rest of the money will cover attorneys’ fees and other costs.“Christine Carona is an inspiration to all those who have been victims of gender discrimination,” said Dan Rabinovitz, her attorney at Murphy & King in Boston. “She showed great courage by standing up against the full force of the UBS Human Resources Department and James Ducey’s management team.”Ducey and his attorney couldn’t be reached for comment. “UBS is committed to providing a diverse and inclusive workplace for all our employees,” the Switzerland-based company said in a statement Monday. “We disagree with the arbitrator’s decision.”At UBS, Carona was a member of the President’s Council, an elite club for top producers at the company, where she had managed more than $300 million. She had worked in finance for more than two decades and developed an expertise for providing financial advice to customers who find themselves with what she calls “sudden wealth” from the sale of a business, divorce or a death.Carona also focused on assisting families financially for expenses of children with special needs. She now works as a senior vice president for Morgan Stanley.In 2018, Bloomberg first reported on Carona’s complaint, which she filed against UBS and Ducey with the Massachusetts Commission Against Discrimination. She alleged, among other things, that valuable accounts were mostly distributed to male financial advisers when brokers retired or left the firm. She also claimed that Ducey often stereotyped women and belittled the contributions of female brokers.Ducey called Carona a “bitch” on six to twelve occasions and made derogatory comments about her personal life in front of UBS employees, according to the September 30 ruling.Ducey also sought to block Carona and another woman who were named among the Forbes Top 200 Female Financial Advisors from displaying that honor on their email signatures, while UBS let males do so, the ruling said. Ducey said the company didn’t have a licensing agreement with Forbes Top Women.The arbitrator found that UBS failed to provide Carona with adequate support, including staff, for her growing business. After Carona complained, UBS introduced two policies that were detrimental only to Carona’s business.The new rules made it difficult for families of children with special needs to withdraw money for medical expenses, according to the ruling. She testified that this “blew up” her business to the point that she was forced to leave the company.To contact the reporter on this story: Sabrina Willmer in New York at swillmer2@bloomberg.netTo contact the editors responsible for this story: Alan Mirabella at, John HechingerFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • ICICI Bank's (IBN) Q2 Earnings Increase Y/Y, Expenses Rise

    ICICI Bank's (IBN) Q2 Earnings Increase Y/Y, Expenses Rise

    Rise in top line and lower credit costs support ICICI Bank's (IBN) fiscal Q2 results.

  • UBS wants new recruit Khan to drop criminal complaint over spying - paper

    UBS wants new recruit Khan to drop criminal complaint over spying - paper

    UBS wants Iqbal Khan, co-head of its wealth management business, to drop his criminal complaint over a spying scandal that emerged after he left cross-town rival Credit Suisse , the SonntagsZeitung newspaper reported on Sunday. UBS's board would welcome it if Khan abandoned his complaint against the three private detectives who followed him during his last weeks as a Credit Suisse employee, the paper said, citing sources close to the UBS board. Khan, who left Switzerland's second-biggest bank in July and began working at UBS in October, was under surveillance by private detectives hired by Credit Suisse from Sept. 4 to Sept. 17, when he spotted them.

  • Business Wire

    UBS Launches Five New ETRACS ETNs

    UBS Investment Bank today announced that five new ETRACS Series B ETNs will begin trading on NYSE Arca®.

  • UBS Group's (UBS) Q3 Earnings Fall Y/Y on Lower Revenues

    UBS Group's (UBS) Q3 Earnings Fall Y/Y on Lower Revenues

    For the third quarter, UBS Group (UBS) reports fall in fees and commissions and rise in expenses.

  • UBS Gets Boost From Wealthy Asians as Investment Bank Trails

    UBS Gets Boost From Wealthy Asians as Investment Bank Trails

    (Bloomberg) -- UBS Group AG got a boost from rich Asian clients in a quarter hit by a poor result at the investment bank and lower income from lending as interest rates have languished.The key wealth management unit added $15.7 billion new money in the three months through September, helping lift assets overseen for the affluent to a record $2.5 trillion, UBS said Tuesday. While profit beat analysts’ estimates, UBS said it will book a roughly $100 million charge in the fourth quarter to restructure the securities unit, and warned that lower interest rates will continue to squeeze income.“Market conditions in the last few quarters have been very challenging,” Chief Executive Officer Sergio Ermotti said in an interview with Bloomberg TV. That’s particularly true for the investment bank, which is “much more skewed towards Europe and Asia” than the U.S.Ermotti is seeking to turn the corner after a year marred by huge legal fines, questions about succession planning and a slump in the share price. In August, he shook up the management board, hiring former Credit Suisse Group AG banker Iqbal Khan to co-run global wealth management and positioning him as a potential successor. But Khan’s start at UBS was overshadowed by a spying scandal that exposed a deep rift with his former boss.UBS was one the first banks to pivot away from investment banking and toward wealth management after the financial crisis, becoming a model for rivals including Credit Suisse. Still, increasing competition for rich clients, negative interest rates and a slowing economy are putting pressure on that business. That’s showing on the bottom line, as lower adjusted pretax profit at the wealth business contributed to a 16% decline in third quarter group net income. Ermotti said Tuesday that he plans to update investors on its targets in January.UBS was up 1.2% at 1:34 p.m. in Zurich trading. Before today, shares of the lender had lost 6.5% this year, compared with a gain of 15% at Credit Suisse, where a three-year restructuring modeled on UBS’s pivot to private banking started to bear fruit. To lift the stock, UBS has earmarked $2 billion for share buybacks through 2020. It is nearing its $1 billion target in buybacks this year.“UBS continues to have the best wealth-management franchise, best business mix in a new regulatory regime,” analysts Kian Abouhossein and Amit Ranjan at JPMorgan Chase & Co. wrote in a note. “Although the investment bank performance is relatively weak compared to U.S. peers, we have to take into account” the geographic and business focus of the bank.Global wealth management is by far the biggest of UBS’s units, contributing more than twice as much revenue and pretax profit last year as the investment bank. A prolonged period of low rates is eating into earnings from lending, with net interest income at the business declining about 3% from a year earlier, and recurring fee income falling as well.UBS said in August that it would expand a policy of charging affluent clients for excess cash holdings. Clients will start feeling the impact on Nov. 1 when the policy comes into effect. The bank doesn’t plan to pass on negative rates to retail clients, Ermotti said.Ermotti said Tuesday that he asked Khan to assess the wealth management franchise and, along with co-head Tom Naratil, report back to him with ideas to improve it by December.Khan, in a memo to employees after he started this month, pointed to “unrealized potential” within the wealth management business. Key will be his take on developing UBS’s offering to wealthy clients in Asia, a region that wasn’t under his control at Credit Suisse and which contributed $10.9 billion in inflows in the third quarter. In the U.S., which is overseen by Naratil, wealthy clients stayed broadly put.Click here to watch the full 10-minute interview with CEO Ermotti.Khan joined under a cloud after it emerged that Credit Suisse had private investigators follow him to make sure he didn’t try to encourage others to defect. The scandal exploded onto the front pages of local tabloids and exposed a personal feud between Khan and his former boss, Tidjane Thiam. One of Thiam’s top lieutenants left the bank after he was found responsible for ordering the surveillance.Trading UnitErmotti is also making changes to the investment bank, reshuffling senior management and combining trading operations in changes that may ultimately eliminate hundreds of positions, people with knowledge of the plan have said. The bank is cutting about 40 jobs in the Asia-Pacific region as part of the shake-up, a person familiar with the matter has said.The restructuring should save the bank about $90 million annually, Ermotti said in an interview with Bloomberg TV, adding that job losses won’t be significant. The bank doesn’t plan to change its investment banking “footprint,” Chief Financial Officer Kirt Gardner said on a conference call. Job cuts will be broad-based and at a senior level, he said.Adjusted pretax profit at the unit fell 59% from a year earlier, as the bank earned less from advising on deals as well as from trading. Equities trading revenue declined almost 7%, compared with a gain of about 1% at the five biggest Wall Street firms. UBS is seeking to boost collaboration between dealmakers and its wealth-management unit, while sharpening a focus on industries most of interest to its richest clients.The asset management unit, which caters to less wealthy investors and institutions, won $24.1 billion in long-term net inflows, a bright spot for a unit that’s overshadowed by the much larger wealth management business.UBS has had a rocky year so far. It was dealt a $5 billion penalty in a French tax case in February that it intends to appeal. After warning of a difficult market in the first quarter, it announced $300 million in additional cost cuts. Ermotti previously signaled that the bank may struggle to reach its 15% adjusted return on tangible equity capital, instead saying that the bank could achieve a level on par with last year’s 13% return.(Updates with decline in net profit in fifth paragraph.)\--With assistance from Nicholas Comfort, Manus Cranny, Donal Griffin and Jan Dahinten.To contact the reporters on this story: Marion Halftermeyer in Zurich at;Patrick Winters in Zurich at pwinters3@bloomberg.netTo contact the editors responsible for this story: Dale Crofts at, Christian Baumgaertel, Ross LarsenFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • Market Exclusive

    Market Morning: WeWork Nightmare, UBS Falls, Amazon Earnings, Star Wars Hype

    WeWork Nightmare Continues With Bailout Sought JPMorgan (NYSE:JPM) and Softbank (OTCMKTS:SFTBY) are reportedly in a bidding war to bailout failed office space rental company WeWork. The board of the nearly defunct group will be meeting this week to weigh emergency funding options which include a possible takeover by SoftBank, slashing the company’s valuation to $8 […]The post Market Morning: WeWork Nightmare, UBS Falls, Amazon Earnings, Star Wars Hype appeared first on Market Exclusive.

  • Bloomberg

    UBS’s Superstar Banker Has a Lot Riding on Him

    (Bloomberg Opinion) -- UBS Group AG’s assets under management reached a record $2.5 trillion in the third quarter of 2019, buoyed in part by money from rich clients. Unfortunately, the world’s largest wealth manager is finding it harder to squeeze more profit out of this business; its chief executive officer Sergio Ermotti may be running out of ideas.Net profit at the Swiss bank fell 16% in the third quarter to $1.05 billion, when compared to same period last year, as income from lending and recurring fee revenue declined. While the wealth unit did better than expected, the group’s profitability took a hit and is well below the 2019 target.Ermotti is counting on a senior recruit to find new ways of making money, evidence of the challenges dogging UBS. The CEO told analysts he’s asked Iqbal Khan, a star wealth manager he brought over from Credit Suisse Group AG (with huge controversy), to make his own assessment of what’s needed and report back in December.In fairness, rock-bottom (or negative) central bank interest rates are squeezing the profit of all lenders. The 25 basis-point cut in the U.S. Federal Reserve’s rates meant a $60 million hit for UBS.The bank hopes to offset that impact by introducing charges on its euro and Swiss deposit accounts, a move designed to encourage clients to move their cash to products where UBS can generate a fee. It’s a bet worth making, but charging on deposits has led customers to take their business elsewhere in the past. There’s no guarantee it won’t happen again.Ermotti wants to improve returns by shifting rich customers to so-called private transactions, where people can invest in structured products away from the public equity and bond markets. This mimics Credit Suisse, in a reversal of traditional roles. UBS has been the industry model for how to make a success of wealth management.Meanwhile, the shrunken UBS investment bank is sputtering. The unit, which is geared toward Asia and Europe, reported a 59% drop in adjusted pretax profit as revenue at its advisory business plummeted. The lender will take a financial charge next quarter to reorganize the investment bank by cutting jobs and focusing on fewer coverage areas. It needs to urgently improve its standing in the U.S., the deepest capital market.Given the bank’s cautious outlook on net interest income it’s hard to see UBS meeting its main profitability target this year. “We need a more normalized environment,” Ermotti told Bloomberg Television. The bank’s return on common equity Tier 1 (a measure of its profitability) fell to 13.8% for the nine months through September, down from 16.3% in the same period last year, and well below the 15% goal.Ermotti also pointed to the need to improve efficiency, another objective that remains elusive. The firm’s adjusted cost-to-income ratio rose to 77.7% in the first nine months from 75.7% a year ago, and remains above the year-end target of 77%. UBS is preparing to update its strategic targets in January, which might see a pruning of projects as the bank sticks to its dividend and buyback commitments. A potentially hefty French fine for alleged tax fraud is clouding the horizon for capital returns. Investors will hope Khan has some rabbits in his hat.To contact the author of this story: Elisa Martinuzzi at emartinuzzi@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at©2019 Bloomberg L.P.

  • UBS tightens investment banking belt as earnings slide continues

    UBS tightens investment banking belt as earnings slide continues

    Swiss bank UBS is axing high-paying investment banking staff after a disappointing performance at the division prompted a 16% slide in third-quarter net profit and put the group's 2019 profit goals further out of reach. Chief Executive Sergio Ermotti, credited for rapidly turning UBS around after the financial crisis, announced a further $90 million in expected annual cost savings at the investment bank on Tuesday, following a prolonged performance dip which Ermotti described as unsatisfying even given a tough market. An earnings beat in its core global wealth management unit helped offset a 59% adjusted profit decline in its investment bank, putting the group's third-quarter net earnings of $1.05 billion ahead of analyst expectations.