UBS Q1 profit up 14% as Switzerland’s No. 1 bank unveils Archegos charge By Reuters
By Brenna Hughes Neghaiwi ZURICH (Reuters) - UBS on Tuesday posted a 14% rise in first quarter net profit, as the world's largest wealth manager unveiled a $774 million revenue hit from the default of U.S. investment firm Archegos which took the shine off record high client activity levels. First-quarter net profit of $1.824 billion overshot median expectations for $1.591 billion in a poll of 20 analysts compiled by the bank. The bank posted better than expected pre-tax profit for the first three months of 2021, as surprise increases over the frenzied trading and bumper results...
Continue reading