UBS's Investment Bank Earnings Decline 63% on Equities Trading
- Revenue from equities business fell 19% in fourth quarter
- Foreign exchange, rates and credit revenue climbed 30%
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UBS Group AG’s investment bank reported a 63 percent decline in fourth-quarter profit as equities trading slumped because clients shunned volatile markets.
Pretax profit at the unit run by Andrea Orcel fell to 80 million Swiss francs ($78.5 million) from 217 million francs a year earlier, UBS said in a statement on Tuesday. Revenue at UBS’s equities business, one of the biggest earners for the securities division, dropped 19 percent to 733 million francs.