Puerto Rico debt depresses UBS Wealth earnings
Despite record revenue at UBS Wealth Management Americas, profits fell in the second quarter as the firm reported that it had to set aside $44M for litigation costs, mostly related to the firm's investments in Puerto Rico.
Despite record revenue at UBS Wealth Management Americas, profits fell as the firm reported that it had to set aside $44 million for litigation expenses last quarter.
The charge was mostly related to a rash of investor complaints stemming from the firm's investments in Puerto Rico, according to Ser
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