UBS Warburg and Société Générale both posted record performance in investment banking for 2000 in their annual results on Thursday - in stark contrast to ABN Amro which recorded a slight fall in investment banking profits.

Pre-tax profits in investment banking at UBS soared 134% year-on-year to Sfr5.0bn (€3.3bn). The results are all the more impressive given that Paine Webber, the UK-based stockbroker which UBS acquired last year, is only included in the figures for the final two months of the year.