Rich men were pulled to a Swiss bank

Swiss bank UBS can restore trust in the wealthy - a tributary of these customers had accelerated, the newspaper Vedomosti on Wednesday, April 27. UBS caught in the I quarter of the wealthy more customers than any other quarter since the end of 2007. The Bank also received a 1.81 billion francs of net profit ($ 2.06 billion). This is 18% less than a year earlier but higher than the consensus forecast of analysts Bloomberg (1,69 billion francs). Revenues declined 7% to 8.34 billion francs as a result of reduced income from operations as in the markets and on the services provided for the commission. As the newspaper notes, the bank's shares 26 April 2011 jumped by 6%, which is associated not only with exceeding the forecast for net profit, but primarily with the restoration of the positions of UBS in the market for wealthy clients. UBS has always been one of the world leaders in this sector, but the situation has changed a crisis. The Bank found itself in dire financial straits - has written off distressed mortgage securities by more than $ 50 billion, the Swiss Government had to support him, and in the U.S., he was forced to pay $ 780 million to settle charges that he helped Americans evade taxes, and refer to the U.S. authorities data on 4000 customers. As a result, for the nine quarters in June 2010 from the bank's customers withdrew 251.6 billion francs ($ 292.6 billion). Net inflow of funds management division welfare and provision of retail services has made in the last quarter of 16.7 billion francs ($ 19 billion) in more than two times higher than the forecast of analysts surveyed by Bloomberg. Net inflows in private banking division was 11.1 billion francs after a "very small" flows in the previous quarter, the report said UBS. Such high rates of CEO Oswald Grubel UBS explained that the bank has managed to regain the trust of customers. "The bank has reduced the gap with the competitors on key indicators of wealth management, such as the flow of funds and margin, and did so ahead of its own graphics" - wrote in the report, analysts Keefe, Bruyette & Woods.