UBS brings home fixed income bacon

Sergio Ermotti Interview Pic

UBS, the smallest presence in fixed income trading among global investment banks, posted the biggest revenue jump in the first quarter.

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.

To access the complete Bloomberg News article hit the link below:

UBS Outstrips Larger Trading Peers in Fixed Income Growth

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