UBS Profit Beat Overshadowed by Worries Over US Wealth Outflows

UBS Group AG shares slid on Wednesday even after the bank posted profit that beat expectations, amid persistent signs that the wealth management business in the US is losing ground.

Client inflows at the key wealth unit slumped to $8.5 billion, far below estimates, and pre-tax profit at the unit was lower than expected. That was influenced by more than $14 billion in client outflows in the Americas, the third straight quarter of declines.