Deals
Gruebel Tops Goldman With ‘Don’t Lose Any Money’ Mantra at UBS
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UBS AG went from last to third in equity sales and trading revenue in the latest quarter among the world’s largest investment banks, passing Goldman Sachs Group Inc. and JPMorgan Chase & Co. along the way.
Chief Executive Officer Oswald Gruebel attributed the improvement at UBS’s investment bank to prudence, and praised the people who “take risk, evaluate and manage it.” A rebound at the unit helped UBS earn 2.01 billion Swiss francs ($1.9 billion) in the quarter, the Zurich-based bank said yesterday, surpassing the estimate of analysts by almost 80 percent.