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UBS and BNP Report Profits Despite Low Interest Rates
34:42 - UBS Group AG, the world’s biggest manager of money for the wealthy, said pretax profit rose 11 percent in the third quarter as costs declined, offsetting a drop in wealth management and investment banking. Pretax profit rose to 877 million Swiss francs ($883 million) from 788 million francs a year earlier, the Zurich-based bank said in a statement Friday. That compares with the 862 million-franc average of six analyst estimates compiled by Bloomberg. Also, BNP Paribas SA, France’s largest lender, reported third-quarter profit that beat analysts’ estimates as it benefited from a surge in fixed-income trading that has lifted bank earnings in Europe and the U.S. Atlantic Equities Analyst Christopher Wheeler discusses with Nejra Cehic and Manus Cranny on "Bloomberg Daybreak: Europe."