How One of the Worst-Ever Quarters Is Hurting Investment Banking

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So says UBS Group AG’s top banker, Sergio Ermotti. At a conference Wednesday, he said the Swiss firm’s investment-banking revenues are down about a third compared with a year ago, hit by a dearth of non-U.S. mergers and IPOs. UBS’s main business, wealth management, was also hit as billionaires played it safe with their cash.

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