UBS, Switzerland's biggest bank, on Tuesday posted a $1.049 billion net profit for the third quarter of 2019 as it slims its investment bank and cuts costs seeking to tackle difficult market conditions. The 16% drop put the bank's third-quarter earnings ahead of the median estimate in the bank's own consensus poll for a 22.5% drop to $971 million. "As we execute on our strategy, we are balancing investments for growth while managing for efficiency," UBS said in a statement. Profits in its investment bank fell 59% on an adjusted basis, as its business for corporate clients continued to slide. In an effort to boost earnings and cut costs after tough market conditions precipitated a prolonged performance dip, its investment bank, run by co-heads Piero Novelli and Robert Karofsky, is undergoing an internal reorganisation.

Source: The Star October 22, 2019 05:37 UTC