UBS said it is aiming to complete the acquisition of its cross-town rival Credit Suisse in the second quarter, as profits within its investment bank slumped by nearly 50% in the first three months of the year.

UBS is "focused on completing the acquisition of Credit Suisse", it said in its first-quarter results, reiterating that it is intending to shrink its rival's investment bank so the combined units comprise no more than 25% of its overall risk-weighted assets.