UBS's Ermotti Says Environment In 2Q 'Very Challenging'

UBS Group AG said first-quarter profit fell 64 percent, missing analyst estimates, as all divisions reported a drop in earnings. Net income fell to 707 million Swiss francs ($741 million) from 1.98 billion francs a year earlier, the Zurich-based bank said on Tuesday. That fell short of the 735 million-franc average estimate of five analysts in a Bloomberg survey. UBS CEO Sergio Ermotti told Bloomberg Television’s Guy Johnson that the issues the bank highlighted in previous quarters aren’t disappearing.

Australian Trade Minister Ciobo Sees Rally Around TPP
12:27 - Australian Trade and Investment Minister Steven Ciobo discusses his outlook for the Trans-Pacific Partnership and weighs in on U.S. trade policies. He speaks with Haslinda Amin on "Bloomberg Markets." (Source: Bloomberg)
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