UBS confused by equities weakness

摘要

ubs's investment bank underperformed its US rivals in the fourth quarter in most areas, including a 13% fall in revenues in its core equities business. UBS said equities revenues were US$792m in the fourth quarter, down from US$912m a year earlier and lagging well behind a 10% rise reported by the big five US investment banks. Chief executive Sergio Ermotti initially claimed, wrongly, that the choppy markets had hit everybody in the same way.