Despite massive trading losses, UBS managed to eke out a $1 billion profit last quarter as its advisors worked harder to capture new funds.
The Swiss bank did well enough in the bond market -- buying back its own distressed debt and selling Treasury securities -- that it handily erased the damage a rogue trader did to its bottom line.
And with the U.S. wealth management unit bringing in a net $4.5 billion in new client assets, UBS actually fared better in the quarter than its wirehouse rivals.
UBS, remarkably, kept generating more revenue on both a quarter-to-quarter and an annualized basis.
Is the firm's "do more with less" ethic paying off? At this point, the average UBS rep now handles more client money than his or her relatively white-glove counterpart at Merrill or Morgan.