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UBS increased its hiring of financial advisors in the US in the third quarter. The number of global advisors remained flat. This shows telco rivals that the big Swiss bank is eyeing the biggest prize in global wealth management.
“The United States is a very important region for us. It’s the largest pool of assets in the world,” the bank’s CEO Ralph Hamers said on Tuesday’s earnings call. “We expect this to continue to grow about 5% over time. That’s why it’s a focus of our strategy. That’s why we keep investing in it.”
The Zurich-based bank’s gross profit fell between July and September as falling client assets hit earnings. but, beat Earnings expectations are rising as the Wealth Business performed well with strong performances in the Americas. His core geographic segment revenue was $3.4 billion, down 13% from his $3.9 billion a year earlier.
Hamers, who joined in 2020 after leading the digital transformation at Dutch bank ING, has sought to flatten hierarchies and soften traditions in a campaign to make UBS more tech-centric, despite the failed acquisition of Wealthfront. is.he is at odds with the influential rival — Iqbal Khan, UBS president According to Bloomberg, global wealth management’s report.
In his remarks on the earnings call, Hamers said UBS will help financial advisors in the U.S. market with digital banking and robo-advising to “further enhance digital in terms of supporting their operations.” rice field. However, the bank said it was “looking also at wealthy family offices for a more bespoke business.”
Scroll down the slideshow to see key takeaways from UBS’s third quarter earnings. Click here for the company’s second quarter earnings. hereSee below for first quarter results. this link.
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