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  1. Wealth
August 5, 2009

Bloomberg: Gruebel expects further UBS outflows

By Spear's

Aug. 4 (Bloomberg) — UBS AG, Switzerland’s largest bank by assets, will see further withdrawals by wealthy clients after reporting a third consecutive quarterly loss, Chief Executive Officer Oswald Gruebel said.

Aug. 4 (Bloomberg) — UBS AG, Switzerland’s largest bank by assets, will see further withdrawals by wealthy clients after reporting a third consecutive quarterly loss, Chief Executive Officer Oswald Gruebel said.

UBS fell 4.3 percent in Zurichtrading as Gruebel said a halt in redemptions at the wealth management unit will probably lag behind a financial turnaround at the bank. Customers withdrew a net 22.3 billion Swiss francs ($21 billion) in the second quarter, a fifth straight period of redemptions.

“In international net new money we’re unlikely to see a quick reversal of the trend,” Gruebel said at a press conference today in Zurich. Outflows may persist after UBS lost client advisers and as regulatory pressures reduce growth prospects for wealth management, he said. The market as a whole “will see less growth in European offshore private banking for the foreseeable future.”

To read the full story, visit bloomberg.com

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