Whitney Sees ‘Slow Bleed’ of Wall Street Job Cuts

April 30 (Bloomberg) -- Meredith Whitney, a banking analyst and chief executive officer of Meredith Whitney Advisory Group, talks about the municipal bond market, challenges facing the U.S. financial industry and growth opportunities for Bank of America Corp. She speaks with Willow Bay at the Milken Institute 2013 Global Conference. Adam Johnson also speaks on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Ermotti: UBS Operating in a `Challenging' Environment
04:55 - UBS Group AG said profit slipped 14 percent in the second quarter as both wealth management and investment banking generated less revenue during a rocky period for markets. Net income fell to 1.03 billion Swiss francs ($1.05 billion), from 1.21 billion francs a year earlier, the Zurich-based bank said in a statement Friday. That beat the 668 million-franc average of five analyst estimates compiled by Bloomberg. UBS CEO Sergio Ermotti told Bloomberg's Manus Cranny in Zurich the lack of visibility has an impact on clients’ risk aversion, saying “at this stage, our job is to stay close and try to find the right risk profile for clients. Many of them want to be extremely conservative.” Ermotti added that Brexit is posing “a lot of challenges” to the U.K. and the rest of Europe but UBS has a “high degree of flexibility.”
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