UBS first-quarter profits halved

UBS, the banking giant still reeling from an extraordinary rogue trading scandal, recorded another tumble in profits yesterday and said it was cautious about global markets.

The Swiss firm made £560m during the first quarter, less than half what it recorded a year ago.

UBS is cutting back its investment banking arm and shifting to focus on wealth management for rich individuals.

Last year UBS revealed it had been hit by £1.4bn of losses relating to supposed "rogue" trades by Kweku Adoboli.

He is being held on remand ahead of a fraud trial that begins on 3 September and denies the charges.