Bloomberg News reports that sales from trading debt and currencies swelled 71% to $753m, a relative increase unsurpassed by other firms among the nine investment banks tracked by Bloomberg Intelligence.
The trading boost contributed to an 82% increase in profit at the securities unit, the biggest gain among UBS’s key divisions in the quarter.
CEO Sergio Ermotti in 2012 set out to scale back the fixed-income trading businesses to focus on wealth management as regulatory demands for larger capital buffers made it difficult to compete. Since announcing the retreat, the bank has focused its business on managing money for the wealthy. Despite the surge in the first quarter, the investment bank contributed only 29% to UBS’s pretax profit.
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