Leaner UBS starts to show signs of recovery

UBS posted results on Tuesday that suggested the slash and burn approach taken to its investment bank at the end of the third quarter of 2012 may be starting to show results. The investment bank posted a pre-tax profit of Sfr977m for the first quarter of 2013 — a 92% improvement on the same period in 2012 and almost as strong as the Sfr994m it posted for the first quarter of 2011.