UBS Grilled on First Brands, Swiss Risks After Upbeat Results
UBS Group AG executives faced questions over the lender’s involvement in the First Brands bankruptcy and the outlook for regulation in Switzerland, overshadowing a set of results that broadly beat expectations.
Chief Executive Officer Sergio Ermotti played down the risks to the bank from potential client losses on investments in the auto supplier, while Chief Financial Officer Todd Tuckner attempted to bat away questions over the bank’s possible liability in a Swiss legal case over the 2023 write down of Credit Suisse bonds.
The Zurich-based bank said net income in the third quarter of the year was $2.5 billion, compared with a consensus for $1.4 billion. Shares rose after the results, but fell as the executives spoke.
Author's summary: UBS executives face questions on First Brands and Swiss risks.
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