UBS struggled with the collapse of its client Archegos.
(Photo: Reuters)
Reuters UBS posted its highest quarterly profit since 2007 in the first three months of 2022 thanks to a booming trading business. The bottom line is that the largest Swiss bank earned 2.1 billion dollars from January to March, 17 percent more than in the same period last year.
Investment banking was flourishing at the time, but at the same time the collapse of Archegos cost the world market leader in wealth management for millionaires and billionaires a lot of money. Especially in stock trading, things went well in the first quarter of 2022, as UBS announced on Tuesday. According to a survey conducted by the bank itself, analysts had expected a surplus of $1.8 billion.
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