UBS , Switzerland's biggest bank, on Tuesday posted a $1.049 billion net pr...
FILE PHOTO: A man walks past a UBS logo projected on a screen in Singapore, January 14, 2019. REUTERS/Feline Lim
The 16% drop put the bank’s third-quarter earnings ahead of the median estimate in the bank’s own consensus poll for a 22.5% drop to $971 million. Profits in its investment bank fell 59% on an adjusted basis, as its business for corporate clients continued to slide. UBS said it expects to take restructuring expenses of around $100 million in the fourth quarter related to structural changes it is making to the business, which includes streamlining and merging its securities and trading activities and reducing headcount.
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