After posting its best single-quarter showing since 2000, UBS shattered mostly all forecasts and, at the same time, announced the end to the global bear market. "It's obviously true that the bear market is over," said Peter Wuffli, UBS chief executive.
UBS, the nation's seventh-largest bank, saw a rise in profits from 942 million Swiss francs at this time last year to 1.673 billion francs ($1.22 billion) this year. Increased sales from the investment banking and wealth management business and several key cost-cutting measures helped push revenues up. The bank's signature wealth management division took $15.1 billion in inflows and with that sector of the company still gaining customers, new staff will probably be added soon.