Bloomberg News reports that the division that advises companies on mergers and helps them with share and debt sales generated 35% more income in the three months through September. Landmark transactions supported the performance, UBS said, while stock-related activities contributed more than twice as much as revenue as a year ago.
The investment bank reported a pretax profit of $269m, $76m more than predicted in company-compiled analyst estimates. Operating expenses declined $104m from a year earlier, contributing to the beat.
Corporate Client Solutions had a "very strong quarter," CEO Sergio Ermotti said in a Bloomberg TV interview, adding that derivatives trading within equities was also a bright spot. Most competitors apart from Morgan Stanley and Citigroup Inc. have reported lower revenue from equity underwriting.
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