UBS Clients Return From Sidelines as Wealth Business Surges
- Wealth management, investment bank earnings beat estimates
- Citigroup says wealth-management inflows best in a decade
UBS' CEO Sees a Bit of Momentum in 1Q
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UBS Group AG saw clients return from the sidelines in the first quarter, adding the most new money to the bank’s global wealth management business in about a decade.
Net income at the Zurich-based bank surged 80 percent after better-than-expected results in wealth management and investment banking. Earnings at the unit catering to rich clients contributed 639 million francs in pretax profit, compared with estimates of 548 million francs. The investment bank delivered 480 million francs of earnings, about 130 million francs higher than expected.