Swiss bank UBS posts 16% drop in third-quarter net profit
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ZURICH, Reuters - UBS UBSG.S, Switzerland's biggest bank, on Tuesday posted a $1.049 billion net profit for the third quarter of 2019 as it slims its investment bank and cuts costs seeking to tackle difficult market conditions.The 16% drop put the bank's third-quarter earnings ahead of the median estimate in the bank's own consensus poll for a 22.5% drop to $971 million.