ZURICH (Reuters) – UBS on Tuesday posted a $690 million fourth-quarter pre-tax profit, hit by a slowdown in its flagship wealth management business and weaker earnings in its investment bank.
On an adjusted basis, fourth-quarter pre-tax profit fell to $862 million, less than the $1.038 billion forecast in the bank’s own analyst consensus summary, under conditions Chief Executive Sergio Ermotti described as “historically tough”.
Swiss - Bank - World - Wealth - Wealth
The Swiss bank, which manages more than $2 trillion of the world’s wealth, saw $7.9 billion in wealth management net new money outflows — a closely watched metric of future earnings — over the last three months of 2018.
As clients removed risk from their portfolios, traded less and stocked up on cash amid geopolitical tensions, adjusted pre-tax earnings in its flagship wealth management business fell 22 percent.
Bank - December - Trading - Slowdown - Amongst
The bank in December had flagged further deleveraging and a trading slowdown amongst wealthy...
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