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UBS investment banking profits plunge 45%

M&A was rare bright spot where revenues grew

Second quarter profits of UBS' investment bank have plunged 45% and Peter Wuffli, chief executive of UBS, has warned that second half revenues will not match those of the first.

The investment banking division of UBS reported a pre-tax profit of Sfr923m (€599m) - down from Sfr1.7bn in the first quarter and from Sfr1bn this time last year.

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