UBS, the largest wealth manager in the world, saw a disappointing profit in the fourth quarter of 2018, sending its share price down today. The Swiss bank saw a two percent rise in pre-tax profits to $862 million. Wealth Management To BlameDragging the Group's financials down was UBS's cornerstone: its wealth management business. Net revenues at Morgan Stanely dropped 7 percent to $4.1 billion in its fourth quarter results. As Ermotti noted: "We are the most globalized franchise in the world and we are a reference point for wealth management."

Source: Forbes January 22, 2019 11:31 UTC