UBS posts Q1 profit slump amid market uncertainty

Zurich

SWISS bank UBS kicked off 2016 with a near two-thirds drop in net profit after a tough quarter for investment banking, plagued by volatile markets, which has also cut into earnings at US rivals. The bank now plans job cuts to help save hundreds of millions of dollars in its wealth management business

Switzerland's biggest bank and the world's largest wealth manager said on Tuesday that net profit for the first three months of 2016 tumbled to 707 million Swiss francs (S$1 billion).