UBS Group AG on Tuesday reported a 52% slide in profit for the first quarter due to an increase in provisions for a legacy litigation matter.
ZURICH, April 25 - UBS Group AG
The result comes at a tumultuous time for the Swiss bank after it was forced into taking over former rival Credit SuisseNet profit attributable to shareholders came in at $1.03 billion versus the $1.71 billion average of 15 analyst estimates in a UBS-conducted poll. "We are in advanced discussions with the US Department of Justice, and I am pleased that we are making progress toward resolving the legacy matter which dates back 15 years," Chief Executive Sergio Ermotti, who has newly rejoined the bank to steer the takeover, said in a statement.
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