UBS Lines up $1.5 Billion for Buybacks
- Bank beats estimates at private bank, driven by client trading
- Ermotti to hand over CEO reins to Ralph Hamers at end of month
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UBS Group AG posted better-than-expected third-quarter profit and set aside $1.5 billion for share buybacks next year as Chief Executive Officer Sergio Ermotti prepares to hand over to Ralph Hamers.
The Zurich-based wealth manager -- the world’s largest -- followed U.S. banks in reporting earnings that benefited from increased market volatility and higher transaction-based income. It also unexpectedly saw inflows of new money at the private banking business and said fourth-quarter provisions are set to remain “markedly lower” than in the first half.