UBS fourth-quarter results missed analysts’ estimates for earnings and revenue. Net income came in at about $696 million up from a loss of about $2.4 billion a year ago. Meanwhile, revenue weakened about 3% from last year to almost $7 billion.
The firm’s global wealth-management business had outflows of net new money of about $7.9 billion in Q4’18. Net new money outflows in the Americas were $3.6 billion, though money inflows to existing clients in the Americas were at “healthy” levels, according to UBS.
“In wealth management, particularly when I look at our overall results, of course they are not up to our ambitions and our expectations,” UBS Chairman Sergio Ermotti told Bloomberg Television early Tuesday, adding that he thinks investors are skittish due to trade issues.