Net income fell to $850m. President Peter Wuffli is quoted as saying that 'the environment continues to be very very volatile. We don't really see clear signs of recovery in the markets.'
Pretax profits at UBS Warburg, the investment bank, fell 20% in the first quarter to £384m. Fixed income and foreign exchange earning were satisfactory. Profits at the bank's private banking unit also fell, by 22% to $371m. Retail and traditional corporate banking business profits rose 25% to $436m.
UBS Profit Declines
Bloomberg reports that UBS, Switzerland's biggest bank, posted a 14% drop in first quarter profits due to investment write-downs and falling profits in its securities businesses.
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