And UBS' Q4 net profit exceeds analysts' expectations.
A bank lobbying group has called on the US government to amend glitches in a key federal pandemic loan program that it said were preventing small businesses from getting the financial aid they needed.
The letter from the American Bankers Association to the Department of Treasury and the Small Business Administration came as the government pressured large lenders earlier this month to go live with the latest round of the loan program despite many unresolved issues.
The group said the loan program, also known as the Paycheck Protection Program, was preventing companies from applying for another loan from the government in the latest round of the scheme, if they had received one last year that was pending forgiveness.
Deutsche Bank has begun a probe in relation to engagement with some clients after a Financial Times report that said the German lender was investigating the alleged mis-selling of investment banking products.
The Financial Times reported that the lender was probing if its staff mis-sold sophisticated investment banking products to clients in breach of European Union rules and then colluded with individuals within these companies to share the profits.
The internal probe was triggered by client complaints last year, the newspaper reported, citing people familiar with the process, adding that the investigation initially focused on the desk in Spain, which sells hedges, swaps, derivatives and other financial products.
UBS has posted its highest annual pre-tax profit of the post-financial crisis era, as lending to the world’s ultra-rich and bumper trading volumes during the global pandemic triggered a surge in revenue.
Investment gains and lower provisions for expected credit losses helped the bank post Q4 2020 net profit of $1.708b, nearly double the $966m analysts expected for the quarter.
UBS derives the biggest chunk of its profits from advising and managing money for the world’s rich whilst maintaining smaller global investment banking and asset management operations. It conducts retail and corporate banking only in its home market.
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