UBS’ wealth management business capped off 2016 with a lacklustre Q4 performance headlined by a drop in pre-tax profits and a net new money outflow of CHF 4.1 billion. Profits fell to CHF511 million (-21% QoQ, +1% YoY) on the back of a decline in operating income for the seventh straight quarter (CHF1.8 billion). The bank said that net new…
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