UBS 2Q Net Income Beat Estimates

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July 29 (Bloomberg) –- Bloomberg’s Manus Cranny reports earnings for UBS, Switzerland’s biggest bank on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

With the details.

He had an interview.

Give us the breakdown on the numbers.

You have just given the deutsche bank numbers.

Ubs is stepping back from investment banking.

It is no longer the core of the business.

It will be difficult for the market to assess what to do with the numbers.

They beat estimates and i was here saying that credit suisse delivered lots of swiss francs.

Litigation is a strange word that you have been using again.

A quarter billion in swiss francs.

We are not done yet.

We have a tax investigation.

The costs are down and that is the critical headline here.

It fell by 36%. they are cleaning up the issue and the expenses are down.

That is the clear message.

Ubs settled with the germans on a tax investigation.

That settlement cost them and they estimate that money is coming in.

Net new money.

The rich are coming in.

A big pick.

It is way ahead of the estimates.

They are not trading.

What we call gross margin is dropping.

The investment is rising.

So, germany sorts it out and the costs are lower.

There is new money coming in and we are not getting a turnover in decline.

I think, really, when it comes to the big issue of foreign exchange, there is still no clear answer on when that will be settled.

You have to say, and we will

This text has been automatically generated. It may not be 100% accurate.

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