UBS, Favored by Bank Investors, Hits Snag in Wealth ExpansionBy
CEO says client activity `recovered somewhat' in first quarter
Transaction-based revenues have not rebounded to normal levels
UBS Group AG became a favorite with investors and the envy of European rivals after Chief Executive Officer Sergio Ermotti scaled back its trading unit to focus on managing the more than $2 trillion that wealthy customers have at the bank.
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