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UBS on Tuesday missed expectations for the second quarter of 2022 as its wealth management and investment banking divisions saw falling client activity on the back of the global market downturn.
The Swiss bank posted a net profit attributable to shareholders of $2.108 billion, below analyst expectations aggregated by the company of $2.403 billion.
It marks a 5% rise from the $2 billion reported during the same period last year, when the flagship wealth management business saw a significant windfall from wealthy investors, and follows a strong first-quarter that saw the group post a net profit of $2.136 billion.
“The second quarter was one of the most challenging periods for investors in the…
Source cnbc.com
