UBS hit by ‘lower’ EQD client activity, US sales plunge

Global markets revenues at the Swiss bank dropped 11% to US$1.35 billion in Q4 22 year-on-year as the derivatives & solutions unit underperformed. Revenues at the markets division fell 13% to US$541m year-on-year (YoY) due to 'lower client activity in equity derivatives, partly offset by increases in FX, rates and credit (FRC)', according to the Swiss bank’s Q4 22 earnings report. Groupwide, total revenues fell eight percent to US$8.03 billion, but net profit rose 23% to US$1.65 bil