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Stock impact report

UBS shares remain subdued on wealth management outflows, despite BofA backing [Wealth Professional (Canada)]

Bank of America Corporation (BAC) 
Last bank of america corporation earnings: 4/15 06:45 am Check Earnings Report
US:NYSE Investor Relations: investor.bankofamerica.com
UBS Group has received the backing of Bank of America, which has maintained its ‘buy' rating for the world's largest wealth manager, despite market concerns about attrition in the UBS wealth management business. UBS shares remain around 10% lower than a month ago a day after it reported a sharp rise in fourth-quarter profit and announced plans for a $3 billion share buyback, underscoring the strength of its global franchise. The consensus ‘buy' rating reflects the overall positive outlook for the Swiss-based banking group. But beneath the headline numbers, continued outflows in its US wealth management business, tied to advisor departures, remain a key pressure point for the firm. While Global Wealth Management generated $101 billion in net new assets for the full year, UBS acknowledged that outflows in the Americas were offset by strong inflows in Asia-Pacific, EMEA and Switzerland. Although the stat was not explicitly mentioned in the release, analysts have pointed to a $14.1 Show less Read more
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