UBS posts doubling of third-quarter profit in Ermotti’s swan song

In this news, we discuss the UBS posts doubling of third-quarter profit in Ermotti’s swan song.

ZURICH (Reuters) – UBS UBSG.S on Tuesday reported a 99% jump in third-quarter profits on the back of strong turnover in global markets, helping the bank achieve a strong performance in banking investment as well as an unexpected rise in the profits of wealth management.

The net profit of the world’s largest wealth manager climbed to $ 2.1 billion for the July-September period, far exceeding expectations of $ 1.557 billion in the bank’s poll of 22 analysts.

“Our third quarter results continue to demonstrate that our strategy differentiates us as we adapt and continually accelerate the pace of change,” CEO Sergio Ermotti said in his final month as the head of the world’s largest bank. Swiss. He is to be replaced in November by the former director of ING INGA.AS, Ralph Hamers.

“UBS has every opportunity to write another successful chapter in its history under Ralph’s leadership,” he said in a statement.

The sharp rise in profits for the first major European lender to release third quarter results follows a mixed performance from major US banks which saw those that focused on trading post big gains while retail banks were affected by the pandemic.

The strong performance of UBS’s investment bank marks an ironic send-off for Ermotti, who, during his nearly decade at the helm, has dramatically reduced the division and stepped up efforts to serve the world’s rich.

Reporting by Brenna Hughes Neghaiwi; Editing by Carmel Crimmins and Edwina Gibbs

Original © Thomson Reuters

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