(Bloomberg) -- UBS Chief Executive Officer Sergio Ermotti said performance at the wealth-management and investment-banking units has failed to recover in the first quarter with “challenging conditions” continuing into this year.
“The conditions we noted in our most recent outlook statement have persisted throughout the quarter,” Ermotti said at a conference in London on Wednesday. The bank has a “very tough year-on-year comparative from revenue standpoint of view” at the securities unit, with revenue boosted by equities and currencies in the first quarter of 2015, while market volatility is undermining wealth management, he said.
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