UBS president says investors may be expecting too much
ZURICH (Reuters) - UBS Chief Executive Sergio Ermotti warned on Thursday that investors may be over-expecting the performance of the largest bank in the world.
ZURICH (Reuters) - UBS Chief Executive Sergio Ermotti warned on Thursday that investors may be over-expecting the performance of Switzerland's largest bank, citing that the institution is promoting heavy technology investments that should weigh on the numbers in the short run."I have said that before, unfortunately, we cannot simply multiply the first quarter result by four," the executive said in comments prepared for the UBS annual meeting in Basel, after the world's largest wealth manager announces an almost-high rise. 20 percent in first quarter net income."While the macroeconomic environment may have improved somewhat, the geopolitical scenario remains difficult. And the interest rate situation, particularly in Switzerland and Europe, remains challenging," he said."As with many of our US rivals, the market may have very high short-term expectations," he added.UBS equities are down 7 percent this year, down more than the 3 percent drop in the European banking sector in...
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