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UBS more bullish on first quarter interest income for key businesses
By Jerry
ZURICH, April 16 (Reuters) – UBS (UBSG.S), opens new tab said on Tuesday it expects low single-digit growth in first-quarter combined net interest income (NII) for wealth management and personal and corporate banking, upping the previous guidance for the two core business arms.
The Swiss lender, which has been under pressure from moves to toughen banking regulation, made the revised projection as it published restated historical segment-level financial data which it said would improve consistency across the group.
The changes include transferring Credit Suisse Swiss Bank high net worth clients from personal and corporate banking to wealth management, and moving all group treasury costs to the business divisions, which were historically retained centrally.
Shares in UBS were down over 3% in early trade as banking stocks across Europe were sold off.
Adding to the heat on UBS were remarks by Swiss Finance Minister Karin Keller-Sutter, who indicated the bank would have to find billions of dollars worth of extra capital under proposals to tighten banking regulation presented last week.
Source: REUTER
