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UBS Says First Quarter Was ‘One of the Worst’ in Recent History

  • CEO Ermotti says investment banking revenue down a third
  • Bank is slowing hiring, to deepen cost cuts by $300 million
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UBS CEO Warns First Quarter 'One of the Worst' in Recent Memory
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UBS Group AG Chief Executive Officer Sergio Ermotti gave the most decisive verdict yet on the difficult markets faced by Europe’s investment banks, describing conditions as the toughest in years.