The investment banking division contributes strongly to the shortfall after a tough fourth quarter, but CEO Brady Dougan says all businesses have had a strong start to 2009.
Tag : earnings
Investment banking drives losses at UBS, while wealth and asset management report large net new money outflows. Cash bonuses to investment bankers are reduced by 95%.
In Asia, JP Morgan Asset Management is overweight only in China and Singapore, largely due to their respective stimulus packages.
Morgan Stanley says pointing out that the emperor û in this case the third quarter earnings of companies listed in the A-share market û has no clothes is not easy.