Sergio Ermotti, chief executive of UBS, has struck a downbeat note about the chances for a rebound in performance during an interview with Euromoney, after what amounts to a profit warning for the first quarter.
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Sergio Ermotti, |
UBS took the unusual step of publishing Ermotti’s comments at last week’s Morgan Stanley European financials conference in London, which is closed to the press. He estimated that first-quarter investment banking revenues would be down by a third.
Ermotti’s assertion that the environment in the first quarter, especially outside the US, was “one of the worst” in recent history helped push its share price down 5% last week, underlining sinking sentiment across the banking sector in Europe.
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