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UBS reported a net profit of $1.4 billion in Q3 2024, rebounding from a $715 million loss the previous year, with revenues up 5.5% to $12.3 billion. The investment bank thrived, with income rising 22% to $2.6 billion, while traditional business struggled with a sharp decline in interest income. Despite an 80% drop in cumulative net profit to $4.3 billion due to the absence of a prior emergency merger benefit, the bank's cost/income ratio showed improvement, though still high at over 83%.
UBS reported a third-quarter profit of $1.43 billion, significantly surpassing analysts' expectations of $740 million, driven by strong transaction volumes in wealth management and investment banking. The bank is ahead of schedule in its $13 billion cost-cutting plan, aiming to cut $7.5 billion by year-end, despite a reduction in workforce from 122,000 to 109,396 employees post-Credit Suisse acquisition. UBS remains cautious about future economic conditions, citing geopolitical tensions and upcoming U.S. elections as potential risks.
UBS reported a profit of $1.43 billion for Q3 2024, significantly surpassing market expectations and recovering from a $715 million loss in the same quarter last year. The bank attracted $24.7 billion in net new money and made strides in integrating Credit Suisse, targeting $13 billion in total cost savings by 2026. Despite a positive market environment, UBS remains cautious due to geopolitical uncertainties and economic challenges in various regions.
UBS reported a profit of $1.43 billion for Q3 2024, significantly surpassing market expectations and recovering from a $715 million loss in the same quarter last year. The bank's strong performance was bolstered by a $24.7 billion inflow of new money in its global wealth management sector and ongoing progress in integrating Credit Suisse, with gross cost savings of $0.8 billion achieved. Despite a positive market environment, UBS remains cautious about future economic conditions due to geopolitical tensions and uncertainties surrounding the US elections.
UBS Group AG CEO Sergio Ermotti emphasized the need for consolidation in Europe's banking market, warning that failing deals due to national interests would be detrimental. He expressed concern that such failures would mark a "very bad chapter for Europe," although he refrained from discussing specific cases.
UBS Group AG CEO Sergio Ermotti emphasized the need for consolidation in Europe's banking market, warning that deals should not fail due to narrow national interests. He stated that such failures would represent a "very bad chapter for Europe," highlighting the importance of broader cooperation.
UBS reported a profit of $1.43 billion for Q3 2024, rebounding from a loss of $715 million in the same quarter last year. The bank's assets under management reached $6,199 billion, bolstered by $24.7 billion in net new assets, while it achieved gross cost savings of $0.8 billion. Despite a positive market environment, UBS remains cautious about future volatility and geopolitical uncertainties.
UBS reported a net profit of $1.4 billion for Q3, significantly surpassing analysts' expectations of $740 million, driven by cost reductions and strong revenue growth, particularly in the Americas and Asia-Pacific. Operating expenses decreased to $10.3 billion, while sales reached $12.3 billion, exceeding forecasts. The bank also completed the first wave of account migrations for former Credit Suisse clients, enhancing integration efforts post-acquisition.
UBS reported a net profit of $1.4 billion for Q3, significantly surpassing analyst expectations of $740 million, driven by cost reductions and strong revenue growth, particularly in the Americas and Asia-Pacific. Operating expenses decreased to $10.3 billion, while sales reached $12.3 billion, exceeding forecasts. The bank also completed the first wave of account migrations for former Credit Suisse clients, enhancing integration efforts post-acquisition.
UBS Group AG reported a third-quarter net income of $1.4 billion, significantly surpassing analysts' expectations of $783.3 million, driven by strong lending income and cost reductions. However, the bank cautioned about potential market volatility due to the upcoming US elections and ongoing uncertainty regarding global economic conditions.CEO Sergio Ermotti noted that market strategies may shift depending on the election outcome, particularly if Kamala Harris wins. UBS is also navigating the integration of Credit Suisse and facing potential capital requirement increases of up to $25 billion following a Swiss political review of the crisis.
Sergio Ermotti
People
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