"While some further degree of volatility cannot be excluded, we do feel that the downward pressure on our industry from the business and market environment could be beginning to ease and that the worst earnings declines may be behind us," Wuffli told reporters.
The president also said UBS is eager to expand its wealth management sector through acquisitions in Europe and the US.
"I would still like to look at acquisition opportunties in wealth management in Europe but also the United States if they propel our growth and are financially attractive," Wuffli said.
These proposed acquisitions would take the already-dominant UBS to a new level. With $1.5 trillion under management, UBS is the worlds largest asset manager and sixth-largest bank.
