March 20, 2019 / 9:06 AM / in a year

UBS to cut deeper into 2019 costs as revenues slide

ZURICH, March 20 (Reuters) - UBS expects to cut an extra $300 million from 2019 costs as revenues fall across its flagship wealth management business as well as its investment bank in the first quarter, its CEO said at a conference in London on Wednesday.

"We have slowed hiring and some IT projects, but we will not halt our investments into growth-oriented initiatives to improve short-term profit and loss," Chief Executive Sergio Ermotti said at Morgan Stanley's European Financials Conference. "Overall, we expect our tactical cost actions to generate at least 300 million in cost saves incremental to our strategic actions, with most benefits coming through in the second half of the year." (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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