UBS had the kind of year most of its peers – particularly those in continental Europe – could only dream of.
The world’s leading wealth manager seemed determined to get the bad news out of the way early.
Like other big lenders, it took a hit when Archegos Capital Management collapsed, an event that left the bank feeling “very disappointed”, says chief executive Ralph Hamers, who joined from ING in November 2020.
The hedge fund’s collapse cost UBS $861 million, but it could have been much worse.
Thanks for your interest in Euromoney!
To unlock this article:
