UBS has reported first-quarter earnings that beat analyst estimates on higher revenues at the investment bank and in wealth management.
'UBS caught us by surprise', Christopher Wheeler, a London-based analyst at Mediobanca SpA told Bloomberg. 'It seems very clear that the equities business was a blowout. And wealth management had very strong inflows'.
'It’s too early to talk about vindication or to declare victory, but I think I’m extremely pleased with the progress we made so far in executing our strategy', UBS CEO Sergio Ermotti, 52, said in an interview with Bloomberg Television. 'It’s working. I’m very pleased to see that clients are responding well to the strategy'.
'The strategy of the new investment bank works with two-thirds less capital allocation than a year ago', Ermotti said.
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image: © UBS