UBS, Favored by Bank Investors, Hits Snag in Wealth Expansion

  • 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.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.