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UBS paints gloomy picture for managing wealth amid fee slump
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UBS gave a gloomier picture of its business managing money for the rich than analysts expected for the second quarter, sending the Swiss bank's stock down 6%.
The bank said rising interest rates helped offset a slump in fees in its main wealth management business, lifting its quarterly profit. But the $2.1bn net profit was less than the $2.4bn analysts had estimated, in part because of a weaker result than US rivals in stock and bond trading within UBS's investment bank.
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