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UBS Registers Remarkable Turnaround
UBS AG, the biggest Swiss bank, is regaining client trust. The bank reported strong Q1 results, powered by growth in its core wealth management business. Net inflows of new money came in at the equivalent of $12.7 billion, during the quarter, compared with "very small inflows" in the final quarter of 2010,. This, according to UBS, provides "a sign of client confidence in our business." It's a huge turnaround from 2010, when in UBS experienced net outflows in excess of $18 billion.
While the bank reported that net profit fell 18%, the numbers exceeded analyst expectations.
As a result, shares of UBS rose 5.7% in Zurich trading on Tuesday - and they've gained over 14% since the start of the year. For further details, refer to: [NYT Dealbook, 4/26]
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