UBS is powering through the pandemic

UBS is returning billions of dollars to shareholders after reporting a huge profit surge even as the pandemic continues to ravage the global economy.

The world's largest wealth manager said in a statement Tuesday that third-quarter net profit nearly doubled to $2.1 billion compared to the same period last year. The strong result was driven by a boost to trading income in its investment banking division amid choppy markets and the sale of a majority stake in its fund distribution platform, Fondcenter.

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