Economy

UBS posts US$2.3b loss for Q4

UBS posts US$2.3b loss for Q4”

UBS also announced that it would write off around CHF2.9bn as a outcome of the recent USA tax reform legislation, joining other non-US banks that have also been hit hard in their fourth-quarter results by Trump's so-called Tax Cuts and Jobs Act.

Reuters poll has expected the figure to be 1.257 billion Swiss francs, lower the 2016 figure of 3.3 billion Swiss francs and less than the 2015 number of 6.2 billion Swiss francs.

Ermotti said that 2017 was highlighted by further clarity on banking regulation internationally, and that the bank's litigation portfolio was reduced further. It said it would have had a 641 million franc profit without the charge.

The company revealed the planned merger of its wealth management business alongside its Q4 and full-year 2017 results statement, which was also accompanied by the announcement of a CHF2bn (US$2.04bn, £744m) share buy-back programme.

The new arm will have two co-presidents, Martin Blessing who now heads up the wealth management unit, and Tom Naratil, president of UBS Americas.

The bank altered a target of repaying 50 percent of net profit at least to shareholders in case its capital ratio lies above 13 percent. Instead, it committed to growing the dividend by mid-to-high single digit percent per year. Excluding this net write-down, net profit would have been 641 million francs.

As well as reporting solid growth at its core worldwide wealth management business, UBS said it will be merging that with its American wealth management business from 1 February.

Zuercher Kantonalbank analysts said UBS's accompanying top-line results were "slightly disappointing", with "only wealth management Americas and asset management posting higher-than-expected earnings".

The Swiss bank has become cautious over the impact that rising interest rates in the USA might have on its margins, given the rates remain very low across the euro zone and in Switzerland remain negative.

We are in a position now to continue the implementation of the bank's capital return police, the ordinary dividend was increased and a buyback program for shares was announced. He has also provided an update to goals that the bank has already achieved or which has become outdated.



Like this

loading...
loading...

Latest


22 January 2018
Alliance Resource Partners (ARLP) Lifted to Hold at BidaskClub
Stifel Nicolaus maintained Alliance Resource Partners , L.P. (NASDAQ:ARLP) on Wednesday, November 15 with "Hold" rating . The Tokio Marine Asset Management Co Ltd holds 61,900 shares with $4.04 million value, up from 13,528 last quarter.

22 January 2018
Beadell Investment Counsel Trimmed Johnson & Johnson (JNJ) Holding; Blackrock International Growth & Income
The North Carolina-based Schaller Investment Gp has invested 0.15% in AT&T Inc. (NYSE:T). 42,502 are held by Assetmark. The company has a market capitalization of $355.18 billion, a price-to-earnings ratio of 22.31 and a beta of 0.78.

22 January 2018
Targeted Movers: NVIDIA Corporation (NVDA), Ambev SA (ABEV)
Mackenzie Fincl Corporation, a Ontario - Canada-based fund reported 3,143 shares. 378,985 were reported by Fred Alger Inc. Also, there are 3 buy, 0 sell and 2 strong sell ratings, collectively assigning a 2.24 average brokerage recommendation.

22 January 2018
Peter Jackson Making World War I Feature Documentary
He added: "We have made a movie which shows the experience of what it was like to fight in this war, not strategy or battles". They are way beyond what I expected. "It looks like it was shot with high definition cameras.it is so sharp and clear now".

22 January 2018
Shutdown end in sight as senators announce agreement
Senate Minority Leader Chuck Schumer said Democrats will vote for the upcoming bill during a speech on the Senate floor. Democrats have yielded and ended their delaying tactics against a bill financing federal agencies through February 8.

22 January 2018
Axa Has $56.57 Million Holdings in United Parcel Service, Inc. (UPS)
GSA Capital Partners LLP acquired a new position in shares of United Parcel Service during the third quarter valued at $445,000. Investment Centers Of America Inc bought 2,604 shares as the company's stock declined 3.26% while stock markets rallied.

22 January 2018
Investors Purchase High Volume of AbbVie Call Options (ABBV)
Finally, BidaskClub lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Wednesday, October 25th. Private Harbour Investment Management & Counsel Llc sold 17,138 shares as the company's stock rose 6.17% with the market.

22 January 2018
Blizzard Reveals New Epic Overwatch Skins Being Added to Standard Loot Boxes
There's no official launch time, but major Overwatch updates and events typically go live between 6pm and 7pm United Kingdom time. It features a new look that draws heavily from the history of her native country of Egypt.

22 January 2018
Cristiano Ronaldo left bloody-faced as Real Madrid thrash Deportivo
The fans who had loudly jeered the team in recent matches were cheering on their feet after the final whistle at the Bernabeu. Messi, who has scored seven goals in his last six games, leads the league with 19 goals, four more than Suarez.

22 January 2018
Boy, 14, dies after surgery to remove 10-pound tumor from face
He added that his team's hopes of allowing Zayas a better quality of life "have not been realized". The boy was brought to Miami because it was hard for Cuban doctors to remove the ten-pound tumor.