The bank said the outflows have moderated but not yet reversed.
The Swiss lender reported 47.1 billion francs of net outflows at the key wealth management unit and said that a 1.3 billion francs impairment charge was mostly related to that business.At the Swiss unit, the firm saw a further 6.9 billion francs of outflows, mostly in the private clients’ business.
The scale of the outflows and losses highlights the risks for UBS in an integration that the bank has said may take up to four years. The continuation of asset exits, as well as banker departures, now raises questions about the state of the wealth business that UBS will inherit once the deal closes later this year.To help stem an exodus of talent, UBS wealth head Iqbal Khan has appeared in town halls alongside his Credit Suisse counterpart to tell key staff that the new owner would offer incentives and retention packages.
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