Analyst: Why is UBS IB doing worse than peers?, UBS CFO: No Comment

Analyst:

Yes. Good morning. Thanks for taking my questions. I have two, please. The first one would be on the IB and the Equities trading performance. I think you're up 21% year-on-year versus your peers up 40+ percent. So just wanted to know what could explain the gap, is it a geographic mix or product mix that [could] explain the gap? That would be the first question.

CFO:

“So look on IB Equities, not going to comment on the relative performance…”

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UBS CEO:

Advisory revenues declined 44% from a record prior-year quarter, also reflecting transaction timing. This came amid a fee pool that remains concentrated in mega-cap transactions, where balance sheet commitment plays a more prominent role.

Looking ahead, client engagement and origination remain strong across Advisory and Capital Markets, supporting a robust pipeline. Assuming constructive market conditions, we expect this to translate into sequential growth in Global Banking revenues in the fourth quarter.

 

Blaming transaction timing sounds better on a call than “we hired a bunch of worthless MDs” 

 

He’ll be out in Q1 2027 as will many of the MDs he hired that have clearly failed (Head of M&A, M&T, many Tech bankers, etc.)

Believe head of M&A and M&T have already been relieved of their duties.

 

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