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.