Sergio Ermotti said investment banking revenues were down about a third compared to the euphoric first quarter that kicked off 2018.
Swiss bank UBS is cutting an extra $300 million from 2019 costs after investment banking revenues plunged and wealth management remained under pressure in the first quarter, its chief executive told a conference in London on Wednesday.
"While clearly not in line with our long-term aspirations, I find it to be an acceptable outcome if it is a one-off in one of the worst first-quarter environments in recent history." Switzerland's biggest bank has now slowed hiring as well as its work on a number of IT projects to help the group save an additional $300 million this year, with most of the savings coming through in the second half of the year, Ermotti said.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
UBS sets aside 450 million euros for French tax caseSwitzerland's biggest bank, UBS, on Friday reported a nearly $400 million b...
Leer más »
'Toxic' politics could damage the US economy this year, UBS economist saysStubborn politicians could have a destructive influence on the U.S. economy later this year, a UBS economist told CNBC this week.
Leer más »
UBS Global Wealth Management president says the future of US citizens is at risk if we don't repair decaying bridges and outdated transit systemsUBS Americas president: The future of US citizens is at risk unless we invest two ways
Leer más »
Hong Kong regulator bans UBS from sponsoring IPOs for one year, fines other top banksHong Kong's securities regulator banned UBS on Thursday from sponsoring ini...
Leer más »
HK suspends UBS sponsor license, fines it and others $100 million for IPO failuresHong Kong's securities regulator banned UBS from leading initial public off...
Leer más »
Super fast travel using outer space could be $20 billion market, disrupting airlines, UBS predictsUBS believes there will be very lucrative ramifications from the spaceflight efforts currently led by Virgin Galactic, SpaceX and Blue Origin.
Leer más »
Lufthansa CEO: Grounding Boeing 737 MAX the right decisionThe decision by regulators around the world to ground Boeing's 737 MAX airc...
Leer más »
Wells Fargo CEO gets raise to $18.4 million the day after being scolded by CongressSloan’s pay is now 283 times more than the median pay of the bank’s more than 200,000 employees.
Leer más »
GE shares rebound as CEO Culp sees power business bouncing back next year: 'Game on'GE shares rose in premarket trading as CEO Larry Culp gave investors an upbeat long term outlook on the company's struggling power business.
Leer más »
Democratic lawmakers rip into T-Mobile CEO over his stays at Trump hotelT-Mobile CEO John Legere has stayed at President Trump’s hotel in Washington while his company seeks government approval for a $26-billion merger with Sprint.
Leer más »