ZURICH, Sept 29 UBS Chief Executive
Sergio Ermotti said on Thursday political uncertainty and
concerns over global growth meant clients remained cautious
about the market in the third quarter.
"With respect to what we have experienced so far in the
third quarter, normal seasonality, underlying macroeconomic
uncertainty and heightened geopolitical tensions continue to
contribute to client risk aversion and generally low transaction
volumes," Ermotti said at a Bank of America Merrill Lynch
conference in London.
"In some businesses and regions in which our IB (investment
bank) operates, conditions have remained challenging through the
third quarter," Ermotti added. UBS is the world's biggest wealth
(Reporting by Joshua Franklin; Editing by Michael Shields)