1416 GMT - The investment banking and wealth management sectors are set to have a good 2025 but UBS will likely take longer to meaningfully improve its profitability compared with its peers, Deutsche Bank says in a research note. This is because the Swiss bank needs to address issues like the integration and streamlining of Credit Suisse, increasing bankers' productivity, and fixing the lag in its U.S. operations. "While we are constructive on revenue momentum (also ahead of consensus) thanks to a favorable market backdrop and some specific initiatives paying off over time, we are more cautious on cost control than consensus, as Credit Suisse savings might be reinvested into the businesses," they add. They prefer Julius Baer, Barclays and BNP Paribas among European capital market-sensitive names. Shares trade at 29.4 Swiss francs, up 15% on a 12-month basis. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
January 08, 2025 09:17 ET (14:17 GMT)
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