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...

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