UBS reports quarterly net profit of $3 billion

Finance, Taxes, Banking, Insurance and Retirement
1

UBS is raking in money with $3 billion quarterly profit, far exceeding analyst expectations up 80% from same quarter last year.

On top of that they are battling with the government on capital adequacy and threatening to move to the US.

I’ve also heard from a few people that they are closing down customer accounts with no warning explanations… maybe some accounts are not profitable enough any more.

I was concerned when the two major banks combined. That reduced competition for a lot of things, not just bank accounts, but credit cards, investment funds etc. There’s reduced competition to keep the banks in check.

2

Not sure if it’s really a matter of the number of international banks.

Remember, cartels are not generally banned here, damaging effects need to be proven.

And of course some monopolies are outright desirable, there’s no use for a dozen versions of Twint.