Investment Banking

UBS profits dive as gloomy markets take their toll

CEO's warning about 'worst first quarter in recent history' proves accurate

Sunday 21 April 2019 at 05:19

UBS profits dive as gloomy markets take their toll
Photo: Ben Phillips

Profits at UBS plunged in the first quarter as chief executive Sergio Ermotti’s warnings about a brutal three months for investment banking proved all too accurate.

The Swiss bank reported pre-tax profits of $1.1bn for the period, 27% lower than a year ago. Group revenues were down 11% at $7.2bn, on the back of falls at most of the bank’s major business lines.