I was kind of wondering about this myself!

Although they're putting a "positive" spin on it, surely this can't be good (for at least one party)?

Considering this press release came out on a Friday afternoon shortly before the Labor Day weekend, I sensed this wasn't supposed to be good news.

That's the heuristic I'm applying too and I've got a substantial amount of money in Wealthfront that I'm now debating what to do with.

I imagine $1.4 billion is a rounding error on a rounding error to UBS.

It's rather ca 100% of their average yearly earnings or 3% of their current market cap/6-10% of their market cap a few years ago.

UBS 2021 net income was US$ 7.6 billion and they have $1.12 trillion in assets under management.

Their AUM is not really relevant. That’s not their money.

$1.4B is a rounding error to big tech companies or a big bank like Chase or BoA.

For UBS, it is a decent percent of their profit.

https://www.macrotrends.net/stocks/charts/UBS/ubs-group-ag/n...