Little to cheer in UBS’s IB results

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By Jasper Cox
25 Apr 2019

UBS investment bank’s profit before tax fell by more than half in the first quarter of 2018, with year-on-year declines in almost all divisions, the Swiss institution revealed on Thursday.

Operating income at the investment bank fell by 27% to $1.77bn, and adjusted profit before tax was down 64% to $221m.

But in what looks to have been strong expectation management, the results were better than UBS had warned: CEO Sergio Ermotti was reported to have predicted a ...

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