UBS Drops as Cautious Wealth Clients Add to Takeover Challenges
- Rich clients add $28 billion, but outlook disappoints
- Profit misses estimate as firm sets aside money for litigation
WATCH: UBS CEO Sergio Ermotti says inflow shows clients’ confidence in the Swiss lender.
Source: BloombergThis article is for subscribers only.
UBS Group AG warned that wealthy clients are turning increasingly risk-averse, adding to challenges for Switzerland’s largest bank as it embarks on the complex task of integrating Credit Suisse Group AG.
Shares of UBS fell as much as 5.4% in Zurich trading after the lender reported the weakest quarterly profit in more than three years, along with an outlook for interest income at the wealth unit that disappointed analysts.