Net Profit in UBS Falls
UBS Group AG said that net profit declined in the third quarter. It has been struggling to increase revenue as clients have stopped putting their assets in trades and investments.
Net profit in the same period had fallen to 827 million Swiss francs from 2.1 billion francs in the same quarter last year. UBS’s wealth management business reported a 21% decline in pre tax operating profit in the quarter to 504 million francs.
News Source: Wall Street Journal
UBS Group AG (NYSE:UBS) is a global firm providing financial services to private, corporate and institutional clients. It was founded in 1862 and merged several times prior to 1998, when the Union Bank of Switzerland merged with Swiss Bank Corporation – become UBS Group AG. The operational structure of the Group is comprised of Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. The UBS Group is present in all major financial centers and has offices in over 50 countries.
- Origin : Zurich, Switzerland
- Assets : CHF 942.82 billion
- Revenue : CHF 30.61 billion
- Employees : 60,000
Official Website: www.ubs.com
News & Media: Press Release
Updated on 8th August 2016