The emblem of Swiss banking large UBS engraved on the wall is seen on its headquarters on Could 8, 2019 in Zurich.
Fabrice Coffrini | AFP | Getty Photos
LONDON — UBS reported on Tuesday internet revenue of $1.8 billion for the primary quarter of 2021, because it revealed successful to earnings from the scandal involving Archegos Capital.
“Our first quarter outcomes additionally factored in a loss associated to the default by a single US-based prime brokerage shopper. We’re all clearly disenchanted and are taking this very critically,” the Swiss lender stated in an announcement.
“An in depth evaluate of our related danger administration processes is underway and acceptable measures are being put in place to keep away from such conditions sooner or later.”
The financial institution stated revenue was $434 million decrease on account of the default.
Analysts had anticipated internet revenue to come back in at $1.6 billion over the interval, based on Refinitiv.
It is a growing information story and can be up to date shortly.