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Swiss bank UBS AG reported Friday that profits for its Wealth Management Americas business rose 8 percent over last year as higher operating income, client activity and cuts to recruiting offset higher employee pay doled out to top brokers. UBS Wealth Management Americas Chief Executive Tom Naratil's commitment to spend less on recruiting showed as the bank reported recruitment loans to financial advisers fell 9 percent to $2.9 billion, from $3.25 billion last year. This includes new recruitment loans and existing ones for advisers that continue to be paid out over a period of several years.
- Associated Press•2 days ago
GENEVA (AP) — Swiss bank UBS has reported a near doubling in its first quarter net profit to 1.3 billion francs ($1.3 billion), as its wealth management and investment banking operations grew.
- Financial Times•2 days ago
UBS raised its first-quarter profits by 42 per cent and saw a significant turnround from the heavy client outflows at the end of last year that had raised questions about the bank's wealth management business. ...