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UBS reported a net profit of $1.4 billion for Q3, significantly exceeding forecasts, driven by strong market activity in investment banking and a 5% rise in sales to $12.3 billion. The bank is ahead of schedule in integrating Credit Suisse, having completed the first wave of customer account migrations, but remains cautious about Q4 due to geopolitical uncertainties and a challenging macroeconomic outlook.
Colm Kelleher, Chairman of UBS, is contemplating retirement after three years in office and is considering a US asset manager acquisition post Credit Suisse integration. He aims to enhance UBS's US business, which currently lags behind competitors, and seeks to replicate Morgan Stanley's success with Smith Barney. Kelleher, 67, plans to step down around age 72, ensuring a smooth transition for his successor.
UBS reported a net profit of $1.4 billion for Q3, significantly exceeding forecasts, driven by strong performance in investment banking amid buoyant market conditions. The bank also achieved a 5% rise in sales to $12.3 billion and is ahead of schedule in integrating Credit Suisse, despite ongoing challenges from past scandals. Looking ahead, UBS remains cautious about Q4, citing potential geopolitical uncertainties and a gloomy macroeconomic outlook.
UBS reported a disappointing $1.4 billion profit for Q3, with a cost/income ratio of 83.4%, lagging behind peers like Goldman Sachs and Morgan Stanley. Despite efforts to integrate Credit Suisse and a projected $100 billion in new money inflows for 2024, client acquisition is slowing, prompting cautious forecasts for Q4. The bank is also rolling out AI tools to enhance efficiency.
IG Group Holdings Plc has appointed Clifford Abrahams as chief financial officer and executive director, effective December 16. Abrahams, who has extensive experience in finance, previously served as group CFO at Virgin Money UK, ABN AMRO Bank, and Delta Lloyd Group. CEO Breon Corcoran expressed confidence in Abrahams' ability to contribute to the company's growth.
UBS reported a net profit of $1.43 billion for the third quarter, significantly surpassing analyst expectations of $667.5 million, driven by successful client migrations from Credit Suisse. The bank's revenue reached $12.33 billion, and it anticipates completing a $1 billion share buyback program in Q4. Despite challenges in integrating IT systems and client accounts, UBS aims for $7 billion in savings from the Credit Suisse acquisition by the end of 2024.
UBS Group AG chairman Colm Kelleher announced plans to acquire a US wealth management firm after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and expressed a desire to replicate Morgan Stanley's success with Smith Barney. Kelleher noted that UBS, while the largest global wealth manager, lags in the US market and requires time to address internal issues before pursuing further acquisitions.
China's real estate market continues to struggle, with sales down 36.6% in the first nine months of the year and new construction projects plummeting by 42% since 2019. Analysts predict stabilization by late 2025, but caution that significant government support is needed to address liquidity issues and unsold inventories, or the downturn could extend for another three years. Despite recent measures, property sales are expected to remain subdued, with projections indicating a drop to around 8 trillion yuan by 2025, less than half of 2021's levels.
UBS Chairman Colm Kelleher announced plans for a future acquisition of a US wealth management firm to enhance its presence in the market, following the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and avoid distractions during this transition. Despite being the largest global wealth manager, UBS faces challenges in scaling its independent broker model in the US, where it has fewer advisers compared to rivals like Morgan Stanley.
UBS Group AG Chairman Colm Kelleher announced plans to acquire a US wealth management firm after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and expressed a desire to replicate Morgan Stanley's success with Smith Barney. Kelleher noted that UBS, while the largest global wealth manager, still lags in the US market and requires time to address internal issues before pursuing further acquisitions.
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