UBS profits slide as rich clients turn cautious on turbulent markets
UBS reported a 24 per cent fall in net profit, as its rich clients held back from turbulent markets and investment banking revenues shrank.
The world’s biggest wealth manager generated $1.7bn of net profit in the third quarter, ahead of analyst estimates of $1.5bn, on $8.2bn of revenue.
“Clients remain concerned about persistently high inflation, elevated energy prices, the war in Ukraine and residual effects of the pandemic,” said chief executive Ralph Hamers.
This story originally appeared on: Financial Times - Author:Owen Walker
