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UBS transaction revenue under pressure in Q3 - CEO

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UBS transaction revenue under pressure in Q3 - CEO
The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 29, 2017. Picture taken on March 29, 2017. REUTERS/Arnd Wiegmann   -   Copyright  ARND WIEGMANN(Reuters)
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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.

“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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