UBS could double Americas wealth business profit within a decade

  • 📰 Reuters
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

UBS Group could double the profit it makes from its American wealth management a...

) could double the profit it makes from its American wealth management arm within a decade even as it cuts staff numbers by targeting the super-rich, the co-head of the business told Reuters.

By encouraging customers to use more lucrative services, such as loans and mandates, where the wealth manager takes more control of a client’s investments, UBS could make do with significantly fewer U.S. customer advisers than the 6,600 it now employs, its co-head of wealth management, Tom Naratil, said in an interview.

“If we get that kind of profile, then in 5 to 10 years from now we’ll have a business that could probably makes twice as much as we do today.” It is shifting to a model in which those with more than $100 million to invest would be served primarily in partnership with UBS’s family office consultants.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fiat Chrysler third-quarter operating profit tops expectations on North America - Business InsiderFCA posted higher than expected operating earnings in the third quarter, lifted by record profitability in North America.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Japan's Panasonic profit drops on trade war, Tesla battery business in redPanasonic Corp on Thursday reported a 12% drop in its second-quarter op... way left to generate 1,000% to 10,000%+ gains in stocks…”
Source: Reuters - 🏆 2. / 97 Read more »