UBS Reports Drop in Wealth Profit as Ermotti Lowers Costs
- UBS’s investment bank saw 68% plunge in profit before tax
- Wealth management profit declines 21% in third quarter
UBS Made `Good Progress' On Costs, Says CEO Ermotti
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UBS Group AG Chief Executive Officer Sergio Ermotti pledged to continue cost cuts after profit at the wealth-management business fell and the securities unit was hurt by a slump in equities trading.
Pretax profit rose 11 percent to 877 million Swiss francs ($883 million) from 788 million francs a year earlier on lower expenses, the Zurich-based bank said in a statement Friday. That compares with the 862 million-franc average of six analyst estimates compiled by Bloomberg.