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