UBS misses profit and cost targets for 2019

UBS CEO Sergio Ermotti. Picture: REUTERS/DENIS BALIBOUSE

Outflows from two large clients in Latin America and the US contributed to a $4.7bn outflow of net new money last quarter. Ermotti described the lost business as low margin and said Switzerland’s largest bank is dropping a goal of net new money growth of 2%-4% a year as low interest rates weigh on cash holdings.

Ermotti is relying on new wealth management co-head Iqbal Khan, who he hired from Credit Suisse last year, and his US-based counterpart Tom Naratil to overhaul the division by axing hundreds of jobs and giving more power to individual units to boost lending. US rivals, however, have fared better. Morgan Stanley, which is seeing the fruits of a long-term push into wealth management, raised the bar for profit from its wealth division over the next two years after reporting a return on tangible equity of nearly 13%.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

2019-nCov virus shows China is ground zero for some dangerous new infectionsWith the number of new Chinese cases and infections in Thailand, Japan and South Korea, fears are growing that spread will intensify as hundreds of millions of Chinese travel this week
Source: BDliveSA - 🏆 12. / 63 Read more »

Record number of homicides in Mexico in 2019 | IOL NewsThe number is the highest since comparable statistics began to be issued more than two decades ago.
Source: IOL - 🏆 46. / 51 Read more »

JP Morgan leads the investment banking league tables in 2019“It was a positive year in the end which was surprising given that developments up until the last quarter did not indicate as much.”
Source: BDliveSA - 🏆 12. / 63 Read more »

WATCH: Sasha-Lee moves into the Miss South Africa Sandton apartment valued at R5mMiss South Africa 2019 Sasha-Lee Olivier has moved into Central Square in Sandton, where she will be staying for the duration of her reign. Same apartment le ibihlala u Zozi? Andilwi. Andilwi. The hair 😍
Source: Channel24 - 🏆 48. / 51 Read more »

Analysts are ‘overly negative’ on 2020 earnings, says JPMorganProfit upgrades could again coincide with equity gains, says JPMorgan
Source: BDliveSA - 🏆 12. / 63 Read more »

Buhle Samuels on being bullied: People thought I was a black American“How it started was that people thought I was a black American because I spoke English, but I wasn’t.” 🙄 What?!? Nini?! Sisi... we've been knowing you're as black as the rest of us. Especially with the 1994 kids coming off age, speaking English is no longer special. Try again. BuhleSamuels_
Source: TimesLIVE - 🏆 28. / 59 Read more »