Under the hood of UBS’s Q2 results

Analysts liked the look of UBS’s Q2 numbers this morning, giving CEO Sergio Ermotti a fairly comfortable time in their question-and-answer session.

And with good reason – the bank beat expectations, with higher deposit margins and lending counteracting net new money falls in global wealth management, and the trading businesses leading the investment bank numbers.

Ermotti complained about regulatory costs: TLAC has led to increased funding costs of about $700 million per year; the bank spends more than $1.5