UBS Grilled on First Brands, AT1s and Swiss Reform After 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 address questions over the bank’s possible liability in a Swiss legal case.
The Zurich-based bank reported net income of $2.5 billion in the third quarter, exceeding the consensus of $1.4 billion. Shares initially rose after the results but fell as the executives spoke.
Chief Executive Officer Sergio Ermotti played down the risks to the bank from potential client losses on investments in the auto supplier.
Author's summary: UBS Group AG executives faced questions on First Brands bankruptcy and Swiss reform.
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