UBS's second-quarter profit more than doubled from a year earlier, beating expectations on a surge in trading activity even as regulatory uncertainty continued to preoccupy the bank.

In the second quarter of 2025, UBS earned significantly more than in the same period of the previous year amid restructuring and capital discussions.

Good morning. UBS’s profit tops expectations in a busy day of European earnings. A powerful earthquake triggers tsunami warnings from Japan to the US. And the rank of billionaires at Nvidia swells. Listen to the day’s top stories.