UBS CEO sees clients “more optimistic than ever”

ZURICH, July 20 (Reuters) – UBS (UBSG.S) expects positive business momentum to continue on the back of client optimism, Chief Executive Ralph Hamers said on Tuesday, even as the bank expects activity to slow down compared to a bumper second-half of 2020.

“We see our clients (on the investor side) more optimistic than ever, actually, across the globe,” Hamers told analysts and journalists on a call, attributing their optimism to the easing of COVID-19 related restrictions as economies reopen.

“Of course, there are some uncertainties. They see the uncertainties around inflation, which we feel is transitory. They see uncertainties around the Delta variant that could basically put some delay on economic growth. But the underlying trend is a positive one,” he added. “And therefore, we feel that the momentum on the client side may continue.”

Reporting by Brenna Hughes Neghaiwi, editing by Silke Koltrowitz

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