UBS

first_imgTuesday 26 October 2010 8:28 pm KCS-content whatsapp whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com UBS center_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Show Comments ▼ Tags: NULL WHEN Oswald Grübel took the helm at UBS in February 2009, he quickly made a rod for his own back by setting gruelling targets. The bank would be booking at least SwFr15bn (£9.7bn) in annual profits sometime between 2012 to 2014, he said. After yesterday’s disastrous results, such a target seems laughably bullish.There were few glimmers of hope in the Swiss bank’s third quarter numbers. According to analysts at Merrill Lynch, underlying pre-tax profit excluding non-recurring items came in at SwFr986m, compared to analyst consensus of SwFr1,888m. That is a simply staggering miss of 48 per cent. The main culprit was the investment bank, which missed pre-tax profit consensus by SwFr600m. Trouble in the Fixed Income Currencies and Commodities (FICC) arm saw revenues of SwFr969m against expectations of around SwFr1,379m. The Corporate division also put in a lacklustre performance, with pre-tax profits coming in around SwFr200m.There was some good news at the wealth management division, where UBS hailed a recovery in new inflows. The Swiss bank pulled in SwFr900m of net new money compared to outflows of SwFr5.5bn in the previous quarter, while the Americas bank secured SwFr300m of new money, against SwFr2.6bn of outflows a quarter earlier. It’s worth remembering that UBS will struggle to keep this up in future quarters, however, as the UK and others line up to extract tax revenues from Swiss bank account holders. This new money also came at the expense of weaker margins, which fell from 94 basis points in the second quarter to 88 basis points. Consequently, wealth management missed expectations for pre-tax profit by SwFr100m.Excepting a remarkable turnaround in its fortunes, Grübel’s targets look more elusive than ever. He should start trying to manage expectations as soon as he can. last_img read more