TURNAROUND: Switzerland's largest bank, UBS AG, reported a profit of $1 billion for the first quarter thanks to strong investment banking and wealth management results. Its shares rose almost 6 percent Tuesday on the Swiss stock exchange.
TROUBLED RIDE: The net profit was down 4.5 percent from the first quarter a year ago, but was a significant recovery from the $2 billion loss the bank posted for the fourth quarter of 2012 in the wake of a series of major lawsuits, scandals and a wave of restructuring.
THE BOSS: Chief Executive Sergio Ermotti said that while it is "too early to declare victory, we have shown our business model works in practice."