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UBS once again the world's largest private bank as assets surge
UBS (UBSN.VX) won back the title of largest private bank in the world as inflows of fresh client funds surged last year, indicating restored confidence following the financial crisis, according to a study. The Swiss bank displaced Bank of America Corp (BAC.N) from the top spot in an annual benchmark compiled by London-based wealth management consultant Scorpio Partnership. It edged out the U.S. bank with 9.7 percent growth in overall assets to $1.705 trillion, compared with 5.9 percent at Bank of America. The ranking is a coup for scandal-tarnished UBS, which in October said it would axe 10,000 staff and scale back ... (full story)
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