UBS Group AG reduced its 2016 bonus pool and lowered Chief Executive Officer Sergio Ermotti’s pay in a year where profit plunged. The bank restated net income for the year to reflect an agreement in principle to settle a legal case.
Category: Ubs Ag
MetLife Hires UBS’s Matus as Strategist for Investing Unit
MetLife Inc.’s investing unit hired Drew Matus, formerly of UBS Group AG, as chief market strategist to help add third-party clients. Matus will be responsible for formulating the insurer’s global and economic market outlooks, the New York-based company said Wednesday in a statement.
UBS Clients Pull $15 Billion in Quarter as Margins Decline
UBS Group AG said clients pulled a net 15.2 billion francs in the final three months of last year, and margins at its wealth management business declined for a third straight quarter, even as rising stock markets and higher interest rates in the U.S. lifted earnings. The bank fell as much as 3.6 percent in Zurich trading, pulling other wealth managers lower, after saying all of its money management units saw net redemptions last quarter.
UBS Profit Beats Estimates as Market Rally Lifts Securities Unit
UBS Group AG said profit more than tripled in the fourth quarter as rising interest rates and a rally in equities boosted the bank’s securities unit and U.S. wealth management. Profit before tax rose to 848 million francs from 234 million francs a year earlier, the Zurich-based bank said Friday in a statement.
Morgan Stanley, UBS Said to Plan Boosting China JV Stakes
Morgan Stanley and UBS Group AG are in talks with local partners to boost holdings in their China securities businesses, a sign of growing confidence in those operations, according to people familiar with the matter. The banks are engaged in separate discussions on raising their stakes to 49 percent, the maximum allowed under current regulations, the people said, asking not to be identified because the negotiations are confidential.