UBS, the Swiss bank that became a symbol of ravages of the subprime crisis in Europe, failed to stem an outflow of client money even as it posted its first quarterly profit in more than a year on Tuesday. UBS shares dropped 5 percent in Zurich after the bank said customers withdrew 45.2 billion Swiss francs ($42 billion), from its wealth management units in the fourth quarter, almost double the 26.6 billion francs of redemptions in the previous three months. The bank said the asset outflows were mainly the result of client advisers leaving UBS and taking their customers with them.
UBS Reports a Profit, but Clients Are Still Taking Out Cash
Most Popular Articles
Latest Articles
Pennymac posts first-quarter profit of $39M
Loan production income shrank in the first quarter, but the company’s servicing business continues to grow
-
DOJ charges one of America’s top LOs in alleged mortgage fraud scheme
-
Top Producer Review: Features, pricing & alternatives
-
A&D Mortgage names new servicing manager
-
HUD aims to help protect communities from extreme heat
-
Freedom Mortgage founder addresses ’extraordinary’ credit profiles, profitability and products