UBS says political instability concerned clients in Q3

LONDON: Swiss bank UBS said its performance in the third quarter continued to reflect concern among clients about geopolitical instability, coupled with a traditional summer slowdown.

Tom Naratil, UBS's chief finance officer, declined to give specific guidance on the bank's performance in the third quarter but said it "will reflect the environment indicated in the outlook statement in Q2 results".

Naratil said at an investor conference on Tuesday there were concerns about geopolitical instability, central bank monetary policy and global growth prospects, echoing the guidance given by the bank at Q2 results.

There was also the traditional summer lull, he said.