PIPS
PIPS
UBS's FX results hit the doldrums last year, according to an annual earnings statement issued last week. The bank announced that income from FX and banknotes trading fell 23 per cent to CHF1.765 billion ($1.285 billion) from a combined figure for UBS and SBC of CHF2.276 billion ($1.557 billion) in 1997. A statement issued with the results says that the reduction was "due to second half turbulence in the currency markets". The results were accompanied last week by the announcement that Hans de
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