Little to cheer in UBS’s IB results

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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