Swiss bank UBS is cutting an extra $300 million from 2019 costs after investment banking revenues plunged and wealth management remained under pressure in the first quarter, its chief executive told a conference in London on Wednesday.
"While clearly not in line with our long-term aspirations, I find it to be an acceptable outcome if it is a one-off in one of the worst first-quarter environments in recent history." Switzerland's biggest bank has now slowed hiring as well as its work on a number of IT projects to help the group save an additional $300 million this year, with most of the savings coming through in the second half of the year, Ermotti said.
Don’t worry the idiot Swiss taxpayer will end up bailing them out as usual.
Another Red Flag predicting a Trump/Republican Recession.
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