UBS gained back the title as the world's largest private bank as fresh client funds surged in the previous year. The gain indicated the restored confidence of clients following the financial crisis. UBS pushed the Bank of America Corp from its top spot in an annual benchmark compiled by London-based wealth management consulting company. The study showed that UBS topped the US bank with a 9.7 % growth in over all assets which amounted to US$107 trillion, as compared to the 5.9% gain of Bank of America.
The new shift in ranking is seen as a coup for UBS, despite the scandals that were linked to the Swiss bank. Last October, UBS announced that it would fire out 10,000 staff and had plans to scale back its riskier investment banking division in favor of its private bank.
In general, private banks won 24% more net new money as compared to other financial institutions. Financial providers to the wealthy struggled to win back client confidence due to the global financial crisis.
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