UBS CEO says this is one of the worst first-quarter environments in history

Swiss bank UBS is cutting an extra $300 million from 2019 costs after investment banking revenues plunged and wealth management remained under pressure in the first quarter, its chief executive told a conference in London on Wednesday. Calling investment banking conditions among the toughest seen in years, especially outside the United States, Sergio Ermotti said investment banking revenues were down about a third compared to the euphoric first quarter that kicked off 2018. “We’ve seen some impr


Swiss bank UBS is cutting an extra $300 million from 2019 costs after investment banking revenues plunged and wealth management remained under pressure in the first quarter, its chief executive told a conference in London on Wednesday. Calling investment banking conditions among the toughest seen in years, especially outside the United States, Sergio Ermotti said investment banking revenues were down about a third compared to the euphoric first quarter that kicked off 2018. “We’ve seen some impr
UBS CEO says this is one of the worst first-quarter environments in history Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-20  Authors: michael buholzer, afp, getty images
Keywords: news, cnbc, companies, investment, wealth, quarter, banking, environments, bank, firstquarter, ceo, compared, history, ubs, seen, worst, wednesdaycalling, revenues


UBS CEO says this is one of the worst first-quarter environments in history

Swiss bank UBS is cutting an extra $300 million from 2019 costs after investment banking revenues plunged and wealth management remained under pressure in the first quarter, its chief executive told a conference in London on Wednesday.

Calling investment banking conditions among the toughest seen in years, especially outside the United States, Sergio Ermotti said investment banking revenues were down about a third compared to the euphoric first quarter that kicked off 2018.

“We’ve seen some improvement lately but it remains patchy, and not enough to offset the challenging start to the year,” he said. The investment bank now expects to achieve mid-single-digit adjusted returns on attributed equity for the first quarter, compared to its 15 percent target over the 2019-2021 period and 12.9 percent achieved in 2018.

“While clearly not in line with our long-term aspirations, I find it to be an acceptable outcome if it is a one-off in one of the worst first-quarter environments in recent history.”


Company: cnbc, Activity: cnbc, Date: 2019-03-20  Authors: michael buholzer, afp, getty images
Keywords: news, cnbc, companies, investment, wealth, quarter, banking, environments, bank, firstquarter, ceo, compared, history, ubs, seen, worst, wednesdaycalling, revenues


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Women are more likely to leave financial planning to their spouses

But regardless of those systemic financial problems, women are not doing this one thing to improve their financial picture: taking an active role in big financial decisions. That’s according to a recent study from UBS Global Wealth Management, which found that 58 percent of women leave those crucial choices up to their male partners. Younger women — those between ages 20 and 34 — were even more likely to defer to their significant others, at 56 percent. Meanwhile, older women ages 51 and up were


But regardless of those systemic financial problems, women are not doing this one thing to improve their financial picture: taking an active role in big financial decisions. That’s according to a recent study from UBS Global Wealth Management, which found that 58 percent of women leave those crucial choices up to their male partners. Younger women — those between ages 20 and 34 — were even more likely to defer to their significant others, at 56 percent. Meanwhile, older women ages 51 and up were
Women are more likely to leave financial planning to their spouses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: lorie konish, george marks, hulton archive, getty images, -kathleen burns kingsbury, wealth psychology expert at kbk wealth connection
Keywords: news, cnbc, companies, money, thing, financial, tips, ages, spouses, work, wealth, likely, ubs, planning, women, leave


Women are more likely to leave financial planning to their spouses

But regardless of those systemic financial problems, women are not doing this one thing to improve their financial picture: taking an active role in big financial decisions.

That’s according to a recent study from UBS Global Wealth Management, which found that 58 percent of women leave those crucial choices up to their male partners.

Younger women — those between ages 20 and 34 — were even more likely to defer to their significant others, at 56 percent. Meanwhile, older women ages 51 and up were not far behind, with 54 percent saying they leave money decisions to their spouses.

This bad habit can put women at risk financially, particularly if they divorce or their spouse dies.

On the other hand, when couples work together on long-term money goals, the outlook improved, UBS’ research found. Women reported higher confidence in their future, fewer mistakes and less stress around money.

Just starting the conversation can be easier said than done. Financial experts have some sure fire tips for how women and men can build healthy communication around money together.


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: lorie konish, george marks, hulton archive, getty images, -kathleen burns kingsbury, wealth psychology expert at kbk wealth connection
Keywords: news, cnbc, companies, money, thing, financial, tips, ages, spouses, work, wealth, likely, ubs, planning, women, leave


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Super fast travel using outer space could be $20 billion market, disrupting airlines, UBS predicts

Space tourism will be a $3 billion market by 2030, UBS estimates. “Space tourism could be the stepping stone for the development of long-haul travel on earth serviced by space.” UBS expects the broader space industry, which is worth about $400 billion today, will double to $805 billion by 2030 when accounting for these innovations. While these sub-sectors would be a small part of that, Castle and Walton said “the outlook for the space economy, space tourism and long-haul travel using space has b


Space tourism will be a $3 billion market by 2030, UBS estimates. “Space tourism could be the stepping stone for the development of long-haul travel on earth serviced by space.” UBS expects the broader space industry, which is worth about $400 billion today, will double to $805 billion by 2030 when accounting for these innovations. While these sub-sectors would be a small part of that, Castle and Walton said “the outlook for the space economy, space tourism and long-haul travel using space has b
Super fast travel using outer space could be $20 billion market, disrupting airlines, UBS predicts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: michael sheetz, source, virgin galactic
Keywords: news, cnbc, companies, space, predicts, market, fast, technology, using, castle, ubs, travel, billion, tourism, longhaul, disrupting, super, outer, walton


Super fast travel using outer space could be $20 billion market, disrupting airlines, UBS predicts

UBS believes there will be very lucrative ramifications from the space flight efforts currently led by Virgin Galactic, SpaceX and Blue Origin.

A lengthy UBS report published on Sunday found that, in a decade, high speed travel via outer space will represent an annual market of at least $20 billion and compete with long-distance airline flights. Space tourism will be a $3 billion market by 2030, UBS estimates.

“While space tourism is still at a nascent phase, we think that as technology becomes proven, and the cost falls due to technology and competition, space tourism will become more mainstream,” UBS analysts Jarrod Castle and Myles Walton wrote in the note. “Space tourism could be the stepping stone for the development of long-haul travel on earth serviced by space.”

UBS expects the broader space industry, which is worth about $400 billion today, will double to $805 billion by 2030 when accounting for these innovations. While these sub-sectors would be a small part of that, Castle and Walton said “the outlook for the space economy, space tourism and long-haul travel using space has become much more bullish.”

Private space companies “are investing aggressively across the space opportunity,” UBS said, and the firm believes access to space “is the enabler to broader opportunities for investment.”


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: michael sheetz, source, virgin galactic
Keywords: news, cnbc, companies, space, predicts, market, fast, technology, using, castle, ubs, travel, billion, tourism, longhaul, disrupting, super, outer, walton


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Super fast travel using outer space could be $20 billion market, disrupting airlines, UBS predicts

Space tourism will be a $3 billion market by 2030, UBS estimates. “Space tourism could be the stepping stone for the development of long-haul travel on earth serviced by space.” UBS expects the broader space industry, which is worth about $400 billion today, will double to $805 billion by 2030 when accounting for these innovations. While these sub-sectors would be a small part of that, Castle and Walton said “the outlook for the space economy, space tourism and long-haul travel using space has b


Space tourism will be a $3 billion market by 2030, UBS estimates. “Space tourism could be the stepping stone for the development of long-haul travel on earth serviced by space.” UBS expects the broader space industry, which is worth about $400 billion today, will double to $805 billion by 2030 when accounting for these innovations. While these sub-sectors would be a small part of that, Castle and Walton said “the outlook for the space economy, space tourism and long-haul travel using space has b
Super fast travel using outer space could be $20 billion market, disrupting airlines, UBS predicts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: michael sheetz, source, virgin galactic
Keywords: news, cnbc, companies, space, predicts, market, fast, technology, using, castle, ubs, travel, billion, tourism, longhaul, disrupting, super, outer, walton


Super fast travel using outer space could be $20 billion market, disrupting airlines, UBS predicts

UBS believes there will be very lucrative ramifications from the space flight efforts currently led by Virgin Galactic, SpaceX and Blue Origin.

A lengthy UBS report published on Sunday found that, in a decade, high speed travel via outer space will represent an annual market of at least $20 billion and compete with long-distance airline flights. Space tourism will be a $3 billion market by 2030, UBS estimates.

“While space tourism is still at a nascent phase, we think that as technology becomes proven, and the cost falls due to technology and competition, space tourism will become more mainstream,” UBS analysts Jarrod Castle and Myles Walton wrote in the note. “Space tourism could be the stepping stone for the development of long-haul travel on earth serviced by space.”

UBS expects the broader space industry, which is worth about $400 billion today, will double to $805 billion by 2030 when accounting for these innovations. While these sub-sectors would be a small part of that, Castle and Walton said “the outlook for the space economy, space tourism and long-haul travel using space has become much more bullish.”

Private space companies “are investing aggressively across the space opportunity,” UBS said, and the firm believes access to space “is the enabler to broader opportunities for investment.”


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: michael sheetz, source, virgin galactic
Keywords: news, cnbc, companies, space, predicts, market, fast, technology, using, castle, ubs, travel, billion, tourism, longhaul, disrupting, super, outer, walton


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‘Toxic’ politics could damage the US economy this year, UBS economist says

Stubborn politicians could have a destructive influence on the U.S. economy later this year, a UBS economist told CNBC this week. Seth Carpenter, U.S. chief economist at UBS, told CNBC’s “Squawk Box Europe” that “toxic” and “intractable” politics were already weighing on markets, and posed a threat to the U.S. economy. “The biggest concern for all of us is luckily not in the near-term, but to the extent that there’s doubling down on the desire for the border wall,” he said. “If that continues un


Stubborn politicians could have a destructive influence on the U.S. economy later this year, a UBS economist told CNBC this week. Seth Carpenter, U.S. chief economist at UBS, told CNBC’s “Squawk Box Europe” that “toxic” and “intractable” politics were already weighing on markets, and posed a threat to the U.S. economy. “The biggest concern for all of us is luckily not in the near-term, but to the extent that there’s doubling down on the desire for the border wall,” he said. “If that continues un
‘Toxic’ politics could damage the US economy this year, UBS economist says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: chloe taylor, johannes eisele, afp, getty images
Keywords: news, cnbc, companies, wire, economist, politics, toxic, weekseth, ubs, told, weighing, think, markets, debt, economy, worry, damage


'Toxic' politics could damage the US economy this year, UBS economist says

Stubborn politicians could have a destructive influence on the U.S. economy later this year, a UBS economist told CNBC this week.

Seth Carpenter, U.S. chief economist at UBS, told CNBC’s “Squawk Box Europe” that “toxic” and “intractable” politics were already weighing on markets, and posed a threat to the U.S. economy.

“The biggest concern for all of us is luckily not in the near-term, but to the extent that there’s doubling down on the desire for the border wall,” he said. “If that continues until late summer, early autumn – where the debt ceiling is really going to be a binding constraint – I think that’s where we could start to worry. People become dug in, and if the administration doesn’t take responsibility for ensuring that the debt limit gets raised – especially when Republicans control one of the Houses of Congress – then I think we could have markets truly on edge as it comes down to the wire.”


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: chloe taylor, johannes eisele, afp, getty images
Keywords: news, cnbc, companies, wire, economist, politics, toxic, weekseth, ubs, told, weighing, think, markets, debt, economy, worry, damage


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Dow comeback takes a pause on poor Home Depot earnings

The data are old and “not reflecting enough time for consumers to respond to lower mortgage rates,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “That said, the weekly MBA data on purchases has shown no real rebound in response to lower mortgage rates.” Strong consumer confidence numbers helped equities recover. The Conference Board said its consumer confidence index surged to 131.4 in February, easily topping an estimate of 124. In January, consumer confidence was a


The data are old and “not reflecting enough time for consumers to respond to lower mortgage rates,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “That said, the weekly MBA data on purchases has shown no real rebound in response to lower mortgage rates.” Strong consumer confidence numbers helped equities recover. The Conference Board said its consumer confidence index surged to 131.4 in February, easily topping an estimate of 124. In January, consumer confidence was a
Dow comeback takes a pause on poor Home Depot earnings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: fred imbert, brendan mcdermid
Keywords: news, cnbc, companies, sp, dow, confidence, ubs, testimony, market, mcmahon, lower, pause, consumer, depot, poor, comeback, mortgage, takes, earnings, powell


Dow comeback takes a pause on poor Home Depot earnings

The data are old and “not reflecting enough time for consumers to respond to lower mortgage rates,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “That said, the weekly MBA data on purchases has shown no real rebound in response to lower mortgage rates.”

Home prices also rose in December at their slowest pace August 2015, the S&P Case-Shiller index showed.

Strong consumer confidence numbers helped equities recover. The Conference Board said its consumer confidence index surged to 131.4 in February, easily topping an estimate of 124. In January, consumer confidence was at 121.7.

Market participants also digested testimony from Federal Reserve Chairman Jerome Powell to a U.S. Senate committee on Tuesday. In prepared remarks, Powell said the economy is “healthy” but added the Fed is also seeing “crosscurrents and conflicting signals.” It comes after the U.S. central bank adopted a more cautious stance on future interest rate hikes last month.

Powell’s testimony came after Fed Vice Chair Richard Clarida said late Monday that the U.S. economy is “in a good place right now. He added: “It’s a good situation to be in, and we really want to do whatever we can to help support and maintain the economy.”

Stocks have been on a tear recently, with the Dow and Nasdaq on a nine-week winning streak. The S&P 500 has risen for eight of the past nine weeks. Diminishing concerns over U.S.-China trade and tighter monetary policy have contributed to the sharp stock gains.

Dan McMahon, director of equity trading at Raymond James, thinks equities have more room to run higher.

“We are still very much of the mind we are in a secular bull market. The run-off from the December lows is not too much too soon,” McMahon said. “From a valuation standpoint, everything looks OK. There’s still a lot of cash on the sidelines.Things aren’t that bad. You’ve got all kinds of headwinds and the market keeps charging ahead.”

Caterpillar dropped 2.8 percent after UBS cut its rating on the industrial giant to sell from buy. UBS also slashed its 12-month price target on Caterpillar to $125 per share from $154, implying an 11.6 percent downside from Monday’s close of $141.41. UBS cited slowing demand in global construction as the main reason for the downgrade. Caterpillar is largely seen as a bellwether for global growth.

—CNBC’s Sam Meredith and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: fred imbert, brendan mcdermid
Keywords: news, cnbc, companies, sp, dow, confidence, ubs, testimony, market, mcmahon, lower, pause, consumer, depot, poor, comeback, mortgage, takes, earnings, powell


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French court fines UBS 4.5 billion euros in tax fraud case

A French court on Wednesday found Swiss bank UBS AG guilty of illegally soliciting clients in France and laundering the proceeds of tax evasion, and ordered it to pay 4.5 billion euros ($5.10 billion) in penalties. The penalties, almost equivalent to the bank’s net profit last year, included a 3.7 billion euro fine and additional damages of 800 million euros to the French state. UBS has set aside $2.46 billion to cover potential losses from litigation and regulatory requirements. The French tria


A French court on Wednesday found Swiss bank UBS AG guilty of illegally soliciting clients in France and laundering the proceeds of tax evasion, and ordered it to pay 4.5 billion euros ($5.10 billion) in penalties. The penalties, almost equivalent to the bank’s net profit last year, included a 3.7 billion euro fine and additional damages of 800 million euros to the French state. UBS has set aside $2.46 billion to cover potential losses from litigation and regulatory requirements. The French tria
French court fines UBS 4.5 billion euros in tax fraud case Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, fines, court, french, 45, net, billion, case, million, ubs, fine, tax, profit, euros, euro, fraud


French court fines UBS 4.5 billion euros in tax fraud case

A French court on Wednesday found Swiss bank UBS AG guilty of illegally soliciting clients in France and laundering the proceeds of tax evasion, and ordered it to pay 4.5 billion euros ($5.10 billion) in penalties.

Shares in UBS fell 2 percent. A lawyer for UBS said the bank would appeal the ruling.

The penalties, almost equivalent to the bank’s net profit last year, included a 3.7 billion euro fine and additional damages of 800 million euros to the French state.

UBS has denied any wrongdoing. An appeal could see the case drag on for years, analysts say.

UBS has set aside $2.46 billion to cover potential losses from litigation and regulatory requirements.

The French trial follows a similar case in the United States, where UBS accepted a $780 million settlement in 2009, and in Germany, where it agreed to a 300 million euro fine in 2014. UBS last month reported a 2018 net profit of $4.9 billion.

($1 = 0.8821 euros)


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, fines, court, french, 45, net, billion, case, million, ubs, fine, tax, profit, euros, euro, fraud


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Cashin: 40 to 50% of trade deal priced in

Cashin: 40 to 50% of trade deal priced in4 Hours AgoArt Cashin of UBS and CNBC’s Bob Pisani discuss the morning’s market action.


Cashin: 40 to 50% of trade deal priced in4 Hours AgoArt Cashin of UBS and CNBC’s Bob Pisani discuss the morning’s market action.
Cashin: 40 to 50% of trade deal priced in Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20
Keywords: news, cnbc, companies, discuss, in4, 50, cashin, mornings, market, ubs, deal, 40, pisani, trade, hours, priced


Cashin: 40 to 50% of trade deal priced in

Cashin: 40 to 50% of trade deal priced in

4 Hours Ago

Art Cashin of UBS and CNBC’s Bob Pisani discuss the morning’s market action.


Company: cnbc, Activity: cnbc, Date: 2019-02-20
Keywords: news, cnbc, companies, discuss, in4, 50, cashin, mornings, market, ubs, deal, 40, pisani, trade, hours, priced


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Art Cashin: Markets around the globe are getting nervous

Art Cashin: Markets around the globe are getting nervous7 Hours AgoArt Cashin, director of floor operations with UBS, joins “Squawk Box” before the bell to discuss what he’s watching in the markets.


Art Cashin: Markets around the globe are getting nervous7 Hours AgoArt Cashin, director of floor operations with UBS, joins “Squawk Box” before the bell to discuss what he’s watching in the markets.
Art Cashin: Markets around the globe are getting nervous Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20
Keywords: news, cnbc, companies, operations, nervous, art, globe, getting, hes, markets, cashin, watching, ubs, joins, hours, nervous7, squawk


Art Cashin: Markets around the globe are getting nervous

Art Cashin: Markets around the globe are getting nervous

7 Hours Ago

Art Cashin, director of floor operations with UBS, joins “Squawk Box” before the bell to discuss what he’s watching in the markets.


Company: cnbc, Activity: cnbc, Date: 2019-02-20
Keywords: news, cnbc, companies, operations, nervous, art, globe, getting, hes, markets, cashin, watching, ubs, joins, hours, nervous7, squawk


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UBS’ Ermotti: market liquidity could freeze like the water in Davos

Assumptions about global liquidity are wrong and market activity could freeze up quickly, according to the chief executive of Swiss bank UBS. Last month, the Dow and S&P 500 equity indices recorded their worst December performance since 1931 – the era of the Great depression. Stocks got dumped amid concerns of an economic slowdown and fears the Federal Reserve might be tightening conditions to a point where liquidity in markets could dry up. For investors, liquidity is the ability to sell an ass


Assumptions about global liquidity are wrong and market activity could freeze up quickly, according to the chief executive of Swiss bank UBS. Last month, the Dow and S&P 500 equity indices recorded their worst December performance since 1931 – the era of the Great depression. Stocks got dumped amid concerns of an economic slowdown and fears the Federal Reserve might be tightening conditions to a point where liquidity in markets could dry up. For investors, liquidity is the ability to sell an ass
UBS’ Ermotti: market liquidity could freeze like the water in Davos Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-25  Authors: david reid
Keywords: news, cnbc, companies, market, water, davos, ermotti, freeze, wrong, quickly, investors, sell, markets, fears, ubs, liquidity, swiss, asset


UBS' Ermotti: market liquidity could freeze like the water in Davos

Assumptions about global liquidity are wrong and market activity could freeze up quickly, according to the chief executive of Swiss bank UBS.

Last month, the Dow and S&P 500 equity indices recorded their worst December performance since 1931 – the era of the Great depression. It was also the biggest of any monthly loss since February 2009.

Stocks got dumped amid concerns of an economic slowdown and fears the Federal Reserve might be tightening conditions to a point where liquidity in markets could dry up. For investors, liquidity is the ability to sell an asset reasonably quickly and at a price close to where it last traded.

Speaking Thursday, on a CNBC-moderated panel at the World Economic Forum in Davos, UBS chief executive officer, Sergio Ermotti, said the December sell off was due to a convergence of macro and political fears as well as a growing understanding that the financial system may not let investors move capital as easily as before.

“The implied assumption that we hear about liquidity being there, being able to step in and function the levelling out tensions, is the wrong assumption,” he said before adding “liquidity can freeze very easily, like the water in Davos.”

Ermotti said that among its US investor base at the end of the fourth quarter in 2018, there was an historic high of 24 percent cash asset allocation as investors pulled back from the market.

“This is not liquidity that is there for reinvestment. This is there because people fear that things will go wrong,” he warned.

The Swiss banker said many of the world’s bigger investors were now managing money for others and, unlike banks, they not might stand by willing and able to trade an asset just to ensure markets run smoothly.


Company: cnbc, Activity: cnbc, Date: 2019-01-25  Authors: david reid
Keywords: news, cnbc, companies, market, water, davos, ermotti, freeze, wrong, quickly, investors, sell, markets, fears, ubs, liquidity, swiss, asset


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