UBS Reports Profit Increase, Settlement Over U.S. Mortgage Bonds

UBS Reports Profit Increase, Settlement Over U.S. Mortgage Bonds

Gianluca Colla/Bloomberg

UBS is exceeding analysts’ profit estimates for a second quarter in a row after Chief Executive Officer Sergio Ermotti announced 10,000 job cuts last year and a strategy to exit most debt-trading businesses at the investment bank to focus the firm on money management.