UBS Group (UBS) Plans to Reduce Cost in Asset Management Unit [Yahoo! Finance]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: Yahoo! Finance
The bank is looking into cost-cutting opportunities for the particular segment as its profits are under pressure. The asset management business of the bank needs to reduce its costs to be able to compete in the market and remain profitable. The operating profit before tax (underlying) for the asset management business declined 5.1% in 2023 from the prior year's figure while operational expenses jumped 35.3% to $2.1 billion. Also, in 2023, UBS' asset management business accounted for less than 7% of the bank's total revenues, whereas the wealth management division bought in more than half of UBS Group's revenues. On the fourth-quarter 2023 earnings call, UBS stated that the bank is "not immune to structural issues facing the asset management industry." Hence, it plans to reduce its underlying cost/income ratio to less than 70% by the end of 2026 from 80.2% in 2023. The bank stated that achieving cost savings was a "critical component" of its strategy and it intends to expand th
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