UBS drops as quarterly profit slumps at wealth, securities unit
UBS Group AG dropped the most in more than a year after profit at the wealth management and investment-banking businesses slumped in the fourth quarter.
At the wealth-management unit, the bank's largest, pretax profit fell 47 per cent to 344 million Swiss francs from a year earlier, while the investment bank reported a drop of 63 per cent to 80 million francs, the Zurich-based lender said in a statement on Tuesday. That's below estimates of analysts in a Bloomberg survey. UBS shares dropped as much as 8.8 per cent, the biggest slump since January 2015, and were down 7.3 per cent at 9:48 am GMT in Zurich. They have declined about 21 per cent this year.
At the wealth-management unit, the bank's largest, pretax profit fell 47 per cent to 344 million Swiss francs from a year earlier, while the investment bank reported a drop of 63 per cent to 80 million francs, the Zurich-based lender said in a statement on Tuesday. That's below estimates of analysts in a Bloomberg survey. UBS shares dropped as much as 8.8 per cent, the biggest slump since January 2015, and were down 7.3 per cent at 9:48 am GMT in Zurich. They have declined about 21 per cent this year.