FX has record Q1 at writedown-hit UBS
The Swiss bank confirmed its quarterly results last Tuesday (May 6), having detailed the expected losses in a pre-announcement on April 1.
The FICC business lost SFr19.11 billion for the quarter ($18.1 million), down from revenues of SFr2.06 billion for the same period last year. Losses also increased on the previous quarter, which saw negative revenues of SFr15.95 billion. The bank attributed this primarily to losses on exposures related to the US real estate market, including subprime, Alt-A
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