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UBS CEO says this is one of the worst first-quarter environments in history

Swiss bank UBS is cutting an extra $300 million from 2019 costs after investment banking revenues plunged. UBS chief Sergio Ermotti said investment banking revenues were down about a third compared to the euphoric first quarter that kicked off 2018. Swiss bank UBS is cutting an extra $300 million from 2019 costs after investment banking revenues plunged and wealth management remained under pressure in the first quarter, its chief executive told a conference in London on Wednesday.