UBS cites cautious wealth clients as it reports disappointing earnings
While the firm added $28 billion in new funds from clients during the quarter, revenue at the wealth business fell short of estimates.
UBS Group warned that wealthy clients are turning increasingly risk-averse, adding to challenges for Switzerland’s largest bank as it embarks on the complex task of integrating Credit Suisse Group.
Shares of UBS fell as much as 5.4% in Zurich trading after the lender reported the weakest quarte
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