UBS sounds pessimistic note on 2019

  • News Digest

Mar 22, 2019-

ZURICH: UBS is to cut an extra $300 million in costs in 2019 after investment banking revenues plunged in the first quarter, Switzerland’s biggest bank said, sounding a pessimistic note about full-year prospects. Chief Executive Sergio Ermotti, who outlined the cost cuts in a speech to a London investment conference on Wednesday,

said investment banking conditions were among the toughest in years, especially outside the United States. “We are taking actions which will partly offset the impact of the difficult market environment so far this year, supporting capital generation,” he said. (REUTERS)

Published: 22-03-2019 10:46

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