UBS posts 44% increase in revenue, but says it won’t last
Covid-19 lockdowns saw wild market swings last month, with the Swiss bank saying such trading revenue is unsustainable
28 April 2020 - 18:56
Zurich — UBS Group has warned that a surge in trading revenue that put it ahead of Wall Street rivals isn’t sustainable as the wild market swings of the first quarter begin to abate.
The Swiss bank’s trading desks posted a 44% increase in revenue, beating the average 30% gain at US peers as well as cross-town rival Credit Suisse. The gain was driven by foreign exchange and rates and credit trading, which doubled to $889m in the quarter. The larger equities business grew 18%, trailing Wall Street...
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