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The smallest bonus pool in four years
UBS said profit more than tripled in the fourth quarter as the bank put less money aside for litigation, while rising interest rates and stocks boosted the securities unit and U.S. wealth management.
UBS has a degree of flexibility if its UK outpost looks set to lose its ability to operate across the European Union once Britain leaves the bloc, Chief Executive Sergio Ermotti said at the World Economic Forum in Davos on Monday.
UBS Chief Executive Officer Sergio Ermotti pledged to continue cost cuts after profit at the wealth-management business fell and the securities unit was hurt by a slump in equities trading.
A very competitive landscape is likely to see more consolidation.
Unlike most, UBS CEO Sergio Ermotti does not consider Deutsche Bank to be a serious threat to the stability of European banks.
'We currently employ more than 5,000 people in London, and probably 20% to 30% of our workforce could be affected'.
UBS’s Asia investment banking co-head, Saurabh Beniwal, is planning to leave as the bank trims senior management ranks in the region, people familiar with the matter said.