UBS Group Inc. (UBS) Q1 2021 Earnings Call Transcript Motley Fool Transcribers © The Motley Fool Logo of jester cap with thought bubble.
UBS Group Inc. (NYSE: UBS)
Popular Searches
Operator
Ladies and gentlemen, good morning. Welcome to the first quarter 2021 results presentation. The conference must not be recorded for publication or broadcast. [Operator Instructions] At this time, it s my pleasure to hand over to Mr. Martin Osinga, UBS Investor Relations. Please go ahead, sir.SPONSORED:
10 stocks we like better than UBS AG (USA)
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade,
UBS promotes tech boss to exec level
investordaily.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investordaily.com.au Daily Mail and Mail on Sunday newspapers.
UBS takes unexpected $774 million Archegos hit, overshadowing Q1 profit beat
By Brenna Hughes Neghaiwi
Reuters
ZURICH (Reuters) - UBS reported a surprise $774 million hit on Tuesday from the collapse of U.S. investment fund Archegos, taking the shine off a forecast-beating 14% rise in quarterly net profit at the world s largest wealth manager.
The charge taken by Switzerland s biggest bank comes as losses from Archegos are still rippling across the global banking industry, with Japan s Nomura posting on Tuesday its biggest quarterly loss in over a decade as a result of its dealings with the stricken fund. We are all clearly disappointed and are taking this very seriously, UBS Chief Executive Ralph Hamers said of the loss in its prime brokerage business related to the U.S. client s default. While the client was not named, it is widely understood to be Archegos.
UBS joins Morgan Stanley with surprise $861 million Archegos hit
UBS joins Morgan Stanley with surprise $861 million Archegos hit
Bloomberg
Bloomberg
UBS Group disclosed an $861 million hit from the implosion of Archegos Capital Management and vowed to improve risk management, joining Morgan Stanley in blindsiding investors who d been kept in the dark for weeks about the size of the losses.
The loss, mostly booked in the first quarter, overshadowed a better-than-expected profit, with strong performance in the key wealth management business. Chief Executive Officer Ralph Hamers said though the bank will require more transparency from clients to prevent such losses in the future, he defended its business with hedge funds as strategic and said he had no plans to follow rival Credit Suisse Group in cutting back lending.
UBS announces surprise $861 million Archegos hit
Like Morgan Stanley, UBS kept its investors in the dark for weeks about the size of the losses it incurred in the collapse of Bill Hwang s family office.
April 27, 2021 2 MINS
UBS Group disclosed an $861 million hit from the implosion of Archegos Capital Management and vowed to improve risk management, joining Morgan Stanley in blindsiding investors who’d been kept in the dark for weeks about the size of the losses.
The loss, mostly booked in the first quarter, overshadowed a better-than-expected profit, with strong performance in the key wealth management business. Chief Executive Ralph Hamers said while the bank will require more transparency from clients to prevent such losses in the future, he defended the business with hedge funds as “strategic” and said he had no plans to follow rival Credit Suisse Group in cutting back lending.
vimarsana © 2020. All Rights Reserved.