It is probably the last quarterly report of the largest Swiss bank before its integration with Credit Suisse.
(Photo: Reuters)
Zurich The flight of millionaires to safe investment havens gave the Swiss UBS a tailwind at the beginning of the year. The major bank collected 28 billion dollars in new money from the rich and super-rich from January to March, as announced by UBS on Tuesday. Of that, $7 billion fell in the last ten days of the month, and thus in the period after the announcement of the Credit Suisse takeover.
Profits halved to $1.03 billion in the quarter. A $665 million increase in provisions for litigation related to residential mortgages had a particularly negative impact. According to a survey conducted by the bank itself, analysts had expected a surplus of $1.7 billion.
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