UBS AG, Switzerland’s biggest bank, reported fourth-quarter profit that beat analysts’ estimates, helped by higher earnings at its main divisions as well as lower legal costs and a tax gain. The company plans to increase its dividend by 67 percent for 2013.
Credit Suisse Group AG, the second- biggest Swiss bank, posted fourth-quarter profit that missed analysts’ estimates after setting aside 514 million Swiss francs ($568 million) for U.S. tax and mortgage litigation.
Julius Baer Group Ltd., Switzerland’s third-biggest wealth manager, said profit fell last year as it absorbed Merrill Lynch businesses acquired from Bank of America Corp. Its shares slumped the most in 17 months.
Deutsche Bank AG co-Chief Executive Officer Anshu Jain said he plans to deal with most of the bank’s legal costs by the end of the year, after the expenses contributed to lower pay for its investment bankers.
Global investment banks could face almost $100 billion in civil settlements from investigations into interest-rate and foreign-exchange manipulations, analysts at Stifel Financial Corp.’s KBW unit said.
Deutsche Bank AG, Europe’s largest investment bank by revenue, said third-quarter profit slid 94 percent after it set aside 1.2 billion euros ($1.65 billion) to cover potential legal costs and income from debt trading fell.