January 26, 2018 / 7:06 AM / 2 years ago

Growth at UBS's U.S. investment lags boss's ambitions

The logo of Swiss bank UBS is seen at a branch office in Zurich, Switzerland January 22, 2018. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - UBS’s investment banking business in the United States is doing well but lags its boss’s ambitions, he said on Friday.

“In our case, we continue to grow — not as fast as I would have liked, but certainly profitably,” group head of investment banking Andrea Orcel told Bloomberg TV in an interview from the World Economic Forum annual meeting in Davos.

“So it’s a question we’re facing in the way we rebuild, in the way we gradually take share, and do that while we are exceeding our cost of equity there. And if you took that metric we’re very happy with the progress we’re making.”

Reporting by Brenna Hughes Neghaiwi, Editing by Michael Shields

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