4 Sep

UBS predicts rebound as profits rise

first_img Show Comments ▼ UBS EXPECTS to win more client money for its wealth management business in 2011 and sees a rebound in the investment banking division, it said yesterday as it unveiled fourth quarter results. Switzerland’s biggest bank said it had seen improvement across private banking in the fourth quarter — with total net new money of SwFr7.1bn (£4.6bn). The bank won client cash in the Asia Pacific and Americas regions and among Swiss customers, but bled a small amount of assets both onshore and offshore in Europe, where countries have chased tax evaders.Fourth quarter profit was SwFr1.3bn, missing consensus expectations of SwFr1.54bn, although this was largely due to a series of one-offs, including a charge relating to its own credit. Wealth management revenues rose two per cent in the fourth quarter, though the unprecedented strength of the Swiss franc partly offset increased client activity.The Americas business attracted SwFr3.4bn francs of new money, demonstrating it was rebuilding client trust after a tax dispute that forced UBS to hand account data to US authorities.UBS said its Tier 1 capital ratio rose to 17.7 per cent from 16.7 per cent the previous quarter, and it reiterated that it did not plan to pay a dividend for 2010 or for some time to come. The bank also cut its bonus pool by 10 per cent to SwFr4.3bn. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndo Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut KCS-content UBS predicts rebound as profits rise center_img Share Tuesday 8 February 2011 9:09 pm whatsapp whatsapp Tags: NULLlast_img

Leave a Reply

Your email address will not be published. Required fields are marked *