On Tuesday, UBS, Swiss multinational investment bank and financial services company, posted its Q4 profit. The pre-tax profit amounts to be $690 million in Q4 which is lower than the forecasted numbers. The pre-tax profit has fallen by $1.038 billion; the estimation was primarily done by the banks analysts consensus. The chief executive of the bank, Sergio Ermotti expressed the slowdown as historically tough". (Source: ET)
In the last quarter of the yesteryear (2018), the Swiss bank has seen an outflow of $7.9 billion in the wealth management. Currently, the Swiss bank is administering more than $ 2 trillion money in the world. Owing to the geopolitical tension, clientele dealt less in trades and stocked up commodities as well as shared via cash. As a result, the pre-tax earnings in the flagship leapt down by 22 per cent.
After apprehension about the ongoing trade wars, the bank in December had signalled further deleveraging and slowdown amid well-off Asian customers. On Tuesday, the bank said, Lack of progress in resolving geopolitical tensions, rising protectionism and trade disputes along with increased volatility, which affected investor sentiment and confidence in the second half of the year and particularly in the fourth quarter of 2018, would affect client activity in the first quarter of 2019. (source: ET)