) missed profit and cost targets for 2019 as wealthy clients pulled money in the fourth quarter, adding to chief executive Sergio Ermotti’s challenges as he dials back some of the bank’s financial goals.
“We have always believed that in this regard , quality beats quantity,” Ermotti told investors and analysts on a call. Shares in the bank dropped 5.5% in early trade, the biggest decliner on the STOXX 600 index , wiping out all of the gains earned since the wealth unit reorganisation was announced in early January.UBS’ rivals have followed its strategy of cutting trading risk in favor of wealth management and the battle for clients along with ultra-low interest rates and the threat from passive investing have made it harder to compete.
UBS is now targeting an overall return on core capital of 12-15% through 2022 after posting a 12.4% return last year, below a 15% goal. It is targeting a 75-78% cost-income ratio in the same period.
Time to charge the poor more fake fees
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