Fee income at UBS under pressure

Investors are reassured as first-quarter losses at the Swiss bank are in line with April indications, but falling fee levels suggest revenues will remain under pressure.

The news that UBS would make a first-quarter loss of SFr2 billion $1.76 billion had already been flagged by the Swiss bank at its annual general meeting on April 15, as had the fact that the loss arose largely from trading losses in the investment bank. On the same date, UBS also re-affirmed its commitment to investment banking, silencing -- at least temporarily -- many who had been vocal that a spinoff of the investment banking division was the best...

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