U.S. Markets closed

Summary Box: UBS 1Q profit drops; gains clients

The Associated Press

BIG PROFIT DROP: UBS AG, Switzerland's biggest bank, said its first-quarter profit fell 54 percent, mostly due to an accounting loss on its own debts as well as difficult market conditions.

NEW CLIENTS: UBS said its private banking drew 6.7 billion francs ($7.4 million) in investments from rich clients in the quarter, more than double the amount the quarter before. Its U.S. wealth management business more than doubled new assets, to 4.6 billion francs ($5.1 billion.) and there were net gains from Asia-Pacific and other emerging markets.

GRIM OUTLOOK: UBS said Europe's sovereign debt crisis, the U.S. federal deficit and continuing global uncertainties could have a big impact on the current quarter.