What Ermotti told investors
On Tuesday, Sergio Ermotti spoke at Bank of America's financials gathering and pointed to a year-over-year improvement in third-quarter results, while also reining in expectations. "We see good momentum in wealth management, also good momentum in transactions," he said. "Although clearly we expect this number to be up year on year, but very unlikely to be as good as last year because the seasonality effect is still happening here." UBS is due to publish its third-quarter earnings on Oct. 28.
Business trends and where UBS is leaning in
UBS remains the largest wealth manager based outside the US, and it is pushing to scale up in the Americas. Ermotti highlighted how the creation of new wealth in the US is a central driver for the firm's strategy. He also warned that the industry's overall fee pool will likely be below the prior year, noting that 2025 delivered an exceptionally strong third quarter.
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Adviser turnover and market reaction
In the US, UBS has seen fewer departures among its affiliated wealth advisers, with exits now close to what peers are experiencing. Ermotti tied that moderation to a broader trend following recent changes to compensation structures. Shares were lower in Zurich trading, down 3% at 10:01, as investors weighed the softer industry fee backdrop alongside UBS's expansion plans.
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