Posting an unprecedented and unimaginable data, UBS reported a humongous jump in its third-quarter profit, which amassed 99 per cent. It got triggered by the heavy turnover in the markets worldwide and aided the bank to put up a robust performance, edging past the lines of expectations in terms of earnings and procuring wealth.
During the July-September tenure, the world’s biggest wealth manager saw a jump of USD 2.1 billion in its net profits. It went past the expectations of $1.557 billion by a huge margin.
While one of Europe’s biggest lenders reported a gleefully and profitable result for the quarter, the US banks listed out mixed data where retail banks felt the heat of the pandemic, while the banks focused on trading netted better profits.
Interestingly, the UBS’ investment bank gave a memorable send-off to Ermotti.