Revenue at the U.S. UBS brokerage unit inched up at the end of 2014 as clients of newly hired brokers transferred fee-generating assets to the firm, brokers made more interest-generating loans and customer trading accelerated in a rising stock market.
Reuters reports that expenses rose more than profits on growing compensation costs.
Pretax operating profit at UBS Wealth Management Americas fell 15 percent from both the year-earlier fourth-quarter and the third quarter of 2014 to $217 million.
UBS Wealth Management Americas' financial adviser count, which topped 10,000 before the financial crisis, fell to 6,997 at yearend, down 140 from 12 months earlier.
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