Friday, July 30

UBS

Bitcoin, crypto, cryptocurrency, Goldman Sachs, goldman sachs bitcoin, Markets, MI Exclusive, Morgan Stanley, Morgan Stanley bitcoin, Ralph Hamers, UBS, UBS Evidence Lab, UBS Financial Services

UBS CEO says crypto is an untested asset class and he isn’t worried about missing out on clients

Ralph Hamers, CEO of UBS, gestures during in Zurich, Switzerland, Thursday, Feb. 20, 2020. Walter Bieri/Keystone via AP Ralph Hamers, the CEO of Swiss Bank UBS Group, said when it comes to cryptocurrencies, he advises his clients with caution. "We feel that crypto itself is still an untested asset category," the chief executive told Bloomberg on Tuesday. "We don't offer it actively."In May, UBS was reportedly in talks to offer cryptocurrency investments to its wealthy clients, joining many firms in responding to increasing client demand for digital assets.But any offering, sources told Bloomberg, would only be in small portions of their total investment to protect them from cryptocurrencies' famous price swings. "Clients are looking at different alternatives and they hear ...
Banks, Finance, Markets, MI Exclusive, Q2 earnings, Q2 earnings season, Swiss Bank, UBS, UBS Results

UBS smashes Q2 profit forecasts thanks to its surging wealth-management business-but expects a drop in client activity in Q3

Ralph Hamers, CEO of Swiss Bank UBS. Associated Press Top Swiss bank UBS beat second-quarter profit expectations on Tuesday as it benefited from a boom in its wealth management business, but warned of a drop in client activity in the third quarter.UBS shares rose 4% in regular European trading.Here are the key numbers:Net income: $2 billion versus Bloomberg consensus estimates of $1.3 billionWealth management pre-tax profit: $1.29 billion versus consensus estimates of $1.18 billionInvestment bank pre-tax profit: $668 million versus consensus estimates of $414.1 millionThe bank attributed its quarterly success to "favorable market conditions and investor sentiment." "Our growth in the second quarter was underpinned by the relationships we have built and strengthened throug...
CPI inflation, Federal Reserve, inflation, inflation and stocks, Instagram, Markets, MI Exclusive, reopening trade, services sector, UBS, us inflation, Weekend BI UK

The Instagram effect is pushing up the prices of’grammable activities like meals out and vacations-creating opportunities for investors

Consumers are rushing out to spend as economies reopen. Roy Rochlin/Getty Images Locked down during the pandemic, Americans and consumers around the world spent big on things like gadgets and gym equipment to make their time at home more bearable.But as economies reopen, people are splurging their cash on vacations, new clothes, and meals out.Paul Donovan, chief economist at UBS Wealth Management, calls it the Instagram effect.He says people want to show off again after months of lockdown, leading them to splurge on things they can post on the'gram. Donovan says the shift in spending patterns is pushing up inflation in some areas but helping bring it down in red-hot sectors like lumber. He expects the change to continue and argues it will be a good thing for markets and in...