Cost-cutting propels UBS to higher profits

By Nathan Collins
29 Jul 2014

Sustained cost-cutting allowed UBS to report almost a 20% increase in profits on Tuesday. By cutting expenses the bank was able to shrug off declining profits in its investment bank and wealth management business.

While revenues shrank by 3.2%, from Sfr7.39bn ($8.17bn) to Sfr7.15bn, cost savings allowed UBS to deliver increased year on year profits. With expenses down by 6.9%, profits grew by 18.7% to Sfr1.19bn.

The results look strong compared to Swiss rival Credit Suisse, which reported pre-tax losses of Sfr370m, ...

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