ZURICH: UBS cut profitability targets on Tuesday as Switzerland's largest bank grapples with ultra-low interest rates and increased competition for wealthy clients.
Chief Executive Sergio Ermotti, who successfully pivoted UBS away from investment banking to wealth management nearly a decade ago, is under pressure to retain UBS's edge in the business of managing money for the rich.The bank said it would now target a 12-15 per cent return on core capital and a reported 75-78 per cent cost/income ratio through 2022 after missing both ambitions in 2019. Its RoCET1 last year was 12.4 per cent while its reported cost/income ratio was 80.5 per cent.
The bank reported a 129 per cent rise in net profit for the final quarter of 2019, but that performance benefited from a comparison with the final months of 2018 when a market rout hurt earnings. Profit for the full year fell 5 per cent.
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