September 28, 2018 / 12:13 PM / in 23 days

UBS transaction revenue under pressure in third quarter: CEO

ZURICH (Reuters) - Swiss bank UBS is battling declining revenue from transactions in the third quarter but the rest of its business is holding up amid a trade war that has weighed on confidence, Chief Executive Sergio Ermotti said.

CEO Sergio Ermotti of Swiss bank UBS speaks at the annual news conference in Zurich, Switzerland January 22, 2018. REUTERS/Arnd Wiegmann

“I think the transaction line on wealth management is clearly under pressure – but you know, I see the rest of the businesses performing in line with our expectations,” he was quoted as saying in the transcript of a Bank of America Merrill Lynch conference on Thursday that the bank posted on its website on Friday.

Speaking about business in Asia and how the situation compared to 2015, Ermotti said: “This time I really found clients much, much more insecure and actually I can tell you that I can see that also being reflected in the transaction line of our revenues, which you know is down around 10-11 percent as we speak.”

Reporting by Angelika Gruber; Editing by Michael Shields

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