UBS recorded a lower profit in the third quarter. The Swiss bank feels low interest rates and had to look for restructuring. At the same time, the assets that the financial services provider manages on behalf of wealthy clients rose to a record high of 2.5 trillion dollars.
The net result amounted to almost $ 1.1 billion, a decrease of 16 percent compared to the same period a year earlier. However, the profit was higher than the average analysts had expected. This was partly due to the strong inflow of money for asset management.
The division responsible for the latter was recently at the center of a espionage scandal. The leader of that branch, Iqbal Khan, came over from Credit Suisse. The latter bank then left Khan with shadows from private investigators to see if he would not attract customers to his new employer.
UBS also comes with more interventions. The bank is taking a 100 million dollar charge in the fourth quarter for reorganisations in the investment bank division.