UBS Chief Executive Sergio Ermotti believes the recent cooling in artificial intelligence-related stocks is not a reason for investors to panic, but geopolitical uncertainty could be, even as the Swiss banking giant posted stronger-than-expected second-quarter results and unveiled a new multibillion-dollar share buyback program.
UBS on Wednesday reported net profit attributable to shareholders of $2.8 billion for the second quarter, matching analyst expectations compiled by LSEG. Pre-tax profit climbed 64% from a year earlier to $3.6 billion, reflecting broad-based strength across the bank's investment banking, wealth management and capital markets businesses. Speaking to CNBC's Squawk Box Europe, Ermotti said UBS continues to see strong client activity despite an uncertain macroeconomic backdrop.
