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UBS first-quarter profits halved

Wednesday 02 May 2012 22:35 BST
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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.

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