UBS AG, Switzerland’s biggest bank, reported first-quarter earnings that beat analyst estimates on higher revenues at the investment bank and in wealth management.
UBS AG Americas Chief Executive Officer Robert McCann named three former Merrill Lynch & Co. colleagues to help reverse a three-year slide in the Swiss bank’s U.S. market share.
UBS AG, the Swiss bank that reported a $2.3 billion loss from unauthorized trading in September, appointed Philip Lofts as chief risk officer, replacing Maureen Miskovic, who is leaving the firm after less than a year.
UBS AG Chief Investment Officer Alexander Friedman is masterminding a push by Switzerland’s biggest bank to develop a performance track record that will attract rich clients as Swiss secrecy erodes.
UBS AG’s wealth management Americas unit can still achieve the $1 billion annual profit target the company set in 2009, Chief Financial Officer Tom Naratil said.