Analysts on average expect the bank to report a loss of 60 U.S. UBS' smaller cross-town rival Credit Suisse (CSGN.S), which reports earnings on Wednesday, has warned of a likely second-quarter loss. Please contact our Retirement Services Division at 80 to learn more about this opportunity. In a taste of challenges facing financial firms, Swiss wealth manager Julius Baer (BAER.S) said on Monday it would freeze hiring for non-relationship manager positions, after higher costs and lower client activity triggered a 26% drop in first-half earnings. There is specific paperwork to be completed when acquiring precious metals to be included as part of an official IRA or 401K retirement account.
In recent months, the bank has signalled that its wealth management clients will continue to remain cautious due to geopolitical and macro-economic uncertainties.Įarlier in July, UBS named Iqbal Khan as sole head of the Swiss bank's global wealth management division in an executive board reshuffle. It said it would make share buybacks as previously flagged in the months ahead, and finance chief Sarah Youngwood said the bank was on track to meet key targets.Īnalysts with Jefferies said in a note they were surprised by the results, in which "pretty much all divisions missed". Outflows in asset management totalled $12 billion, primarily in equities. UBS said the drop was mainly the result of lower income from transaction fees and that clients in the Americas and Asia were especially on the sidelines. Analysts had expected $2.3 billion.Īdvisory revenue was down 30% and capital markets revenue down 71%, which the bank attributed in part to lower business from initial public offerings.Īt its wealth management division, its biggest business, revenue was $4.7 billion, down from $4.8 billion a year ago and versus expectations for $4.8 billion. Its investment banking business saw revenue fall 14% to $2.1 billion from $2.5 billion a year ago. ZKB analyst Michael Klien said in a note uncertainties in financial markets related to the war, high energy prices and the COVID-19 pandemic "could also affect the level of customer activity" in the third quarter.
"Today marks a setback in our view for the investment case, and demonstrates the extent to which UBS relies upon a more favourable market backdrop to achieve its financial targets," wrote analysts at Citi, who rate UBS a "buy". Gold Option Markets (1) The Geneva Gold Option Market Valeurs White Weld SA, wholly owned subsidiary of Financiere Credit Suisse First Boston, pioneered the. They are down 10.6% so far this year, but have outperformed a 23% fall in a broad index of European banks (.SX7E). UBS shares traded 9.3% lower late on Tuesday, extending a morning sell-off. JPMorgan Chase & Co (JPM.N) and Morgan Stanley (MS.N) both reported that investment banking revenues more than halved.Įarnings at UBS were helped by the sale of a real estate joint venture in Japan that yielded a one-off gain of more than $800 million. rivals earned less money overall in the quarter, due to drops in dealmaking and sales of investment products. He said the operating environment in the second half of the year "remains uncertain" and that "sentiment remains subdued" so far in the third quarter.
PAMP Rosa 2."The second quarter was one of the most challenging periods for investors in the last 10 years," Chief Executive Ralph Hamers said. Office Locator Bulletin 1/20 Progress Ideas and solutions from 16 countries.
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