UBS posted net profit attributable to shareholders of $2.108 billion, below analyst expectations aggregated by the Swiss bank.
"The second quarter was one of the most challenging periods for investors in the last 10 years. Inflation continues to be high, the war in Ukraine is ongoing, as are strict Covid policies in parts of Asia," UBS CEO Ralph Hamers said in a statement. "In these uncertain times, our clients rely on our powerful ecosystem to navigate markets and invest for the long term."Total revenues hit $8.917 billion, compared to $8.897 billion for the same period last year.
In its report, the bank highlighted a $1.121 billion fall in net fee and commission income, mainly reflecting a "decrease in underwriting fees, particularly in Equity Capital Markets, and a decrease in net brokerage fees due to lower levels of client activity in Global Wealth Management and the Investment Bank."
"Investment fund fees decreased, reflecting negative market performance and lower performance fees, and revenues from merger and acquisition transactions also decreased," the report added. As market declines accelerated across equity and fixed income in the second quarter, the bank's wealth management division saw muted net new fee-generating assets of around $400 million globally, though inflows were $3 billion net positive in Asia-Pacific."Institutional clients remained active on the back of high volatility. We supported them with advice and execution while handling very high volumes," CEO Hamers said in a statement.
"At the same time, private clients stayed on the sidelines. We continued to support them with deposits and loan offerings, both of which saw particularly robust year-on-year growth in the Americas."
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Steelmaker Voestalpine builds up gas reserve to tackle shortfalls – CEOVoestalpine has built up sufficient gas reserves to safeguard three months of production should there be an emergency hit to supplies.
Read more »
New SRHBA CEO an eager advocate for local home buildersNicole Burgess is excited to advance the success of the residential construction industry in our city.
Read more »
High Living CEO Of Goldman Sachs-Backed Slync Suspended Following Reports Of Financial Impropriety1/ Chris Kirchner, the high-flying CEO of Goldman Sachs-backed tech company Slync who left his employees unpaid, was suspended Friday, DavidJeans2 reports:
Read more »
You Don’t Have to Be CEO to Be a Visionary LeaderCreating a unifying vision for an organization is a fundamental skill for leaders. A simple, bold, inspirational vision can feel almost magical: it brings people throughout the company together around a common goal and provides a focal point for developing strategies to achieve a better future. Unfortunately, however, building a vision has become more associated with a company’s top-level leadership than the managers in the rest of the organization. But even as an aspiring leader there are three vision-creation opportunities that you can grasp now: contributing to senior leaders’ vision work, translating the company’s vision for your team, and developing a new front-line team vision that can be cascaded up through the company. Each of these can propel your professional development, leading to bigger responsibilities over time.
Read more »
Weber replaces CEO, warns of layoffs as inflation bites into businessWeber Inc on Monday replaced top boss Chris Scherzinger with an insider and warned that mounting inflationary and supply chain pressures could hit the grill maker's financials and workforce, sending its shares down 20% in premarket trading.
Read more »
Customers spending more than $10K a year account for nearly half of Neiman Marcus sales: CEONeiman Marcus Group CEO Geoffroy van Raemdonck noted on Monday that customers spending more than $10,000 a year account for almost half of the company’s sales despite economic challenges.
Read more »