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Big bank UBS saw its first quarter profits halved compared to the same time last year, to 827 million francs.
The bank took a charge of more than 1 billion francs on its own debt, which played into a loss of 373 million francs in investment banking.
UBS said persistent uncertainty in the eurozone, and the U.S. deficit could cause further “headwinds for growth” and new money coming into the bank.
Despite the profit numbers missing analyst expectations, UBS shares seemed unaffected.
At about lunch time, company stock is up 5.5 percent, presumably on strength shown in UBS’s wealth management business.