UBS investment bank profits hit by ECM, FICC
A strong increase in advisory revenues in the first quarter of 2011 was not enough to outweigh a big decrease in the performance of UBS’s ECM franchise and a drop in FICC revenues, as the bank reported a 30% drop in pre-tax profits in its investment bank on Tuesday.
UBS reported overall revenues down 7% to SFr8.3bn and pre-tax profits down 21% to SFr2.2bn. But markets were more focused on signs of a continuing turnaround in UBSs key wealth management franchise, where net new money was SFr11.1bn and profits rose 40% to SFr645m.
Wealth management Americas, which
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