UBS - Let the good times roll ?

Sergio Ermotti Interview Pic

UBS has indicated profit for July and August already exceeds analyst estimates for the full third quarter.

Bloomberg News reports that earnings in the two months amount to $769m, according to a UBS statement Monday, which didn’t give comparative figures. 

CEO Sergio Ermotti, 54, has scaled down the investment bank to focus on money managing businesses while cutting costs to boost profitability. Credit Suisse said earlier this month that profit in wealth management and revenue at the investment bank were higher in July and August than a year ago.

'This is better than expected but then expectations aren’t very high any more,' said Dirk Becker, an analyst with Kepler Cheuvreux who rates the stock hold. 

Hit the link below to access the complete Bloomberg News article:

UBS 2-Month Profit Beats Quarterly Estimate; Swap Starts

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