UBS reported a spike in profit in the third quarter, driven in part by asset flows into its Global Wealth Management business, although the Swiss bank's earnings per share fell short of analysts' forecasts. At the same time, the number of financial advisors working in the company's wealth arm has been diminishing.
UBS reported pretax profit of nearly $3.6 billion in the third quarter, up 27% from the same period in 2025. The Global Wealth Management division saw net new asset inflows of $55.1 billion for the period, a 4.5% annual growth rate that UBS said was driven by strong contributions from investors in the Asia-Pacific and Americas regions.
UBS shares fell after reporting results, but recovered much of the decline, ending the day at $46.69, a 0.2% decline.
"In an increasingly complex market environment, our strong third-quarter performance once again demonstrated the benefits of our diversified global business model and disciplined execution," says UBS CEO Sergio Ermotti. "Against the current backdrop, we are staying close to clients to help them navigate the market conditions and capture opportunities."
UBS reported earnings of 85 cents per share in the third quarter, short of the 92 cents per share analysts were expecting, according to FactSet. UBS posted sales of $13.4 billion, topping the consensus forecast of $13 billion.
Advisor head count continued to tick down, though UBS says some of the decline was due to the reclassification of employees out of roles previously reported as advisors. UBS finished the third quarter with a total advisor head count of 9,140, down 3.8% from the third quarter of 2025, when UBS reported 9,499 advisors.
UBS closed the quarter with 5,601 advisors in the Americas region, down 3.4% from the 2025 mark of 5,779. The Americas region includes the U.S., Canada, and Latin America.
Looking ahead to the fourth quarter, UBS noted that "investor sentiment remains measured," citing macroeconomic volatility, geopolitical challenges, and a climate of political uncertainty with "consequential" elections, including next week's U.S. midterm contests.
Capital requirements. UBS' own position in the world has become a question mark, as the bank is fighting a government proposal to enact stricter capital requirements that, if enacted, could compel UBS to relocate from its native Switzerland.
Ermotti reiterated his hope that UBS and Swiss authorities can work out an arrangement that will make it viable for the bank to remain based in the country. "As the political process on future regulatory requirements in Switzerland progresses, we will continue to engage constructively in the hope that Parliament will reach a solution that supports the country's financial stability without imposing undue costs on UBS' shareholders, clients, and employees and without impacting its long-term competitive position," he says.
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