UBS misses profit and cost targets for 2019
CEO of the Swiss bank, Sergio Ermotti, has now dialed back some financial goals
21 January 2020 - 19:03
Zurich — UBS Group missed profit and cost targets for 2019 as wealthy clients pulled money in the fourth quarter, adding to CEO Sergio Ermotti’s challenges as he dials back some of the bank’s financial goals.
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 amid ultra-low interest rates and increased competition from US rivals...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.