UBS's investment bank booked a 30% decline in profit last year, despite strong trading revenue, as dealmaking fees halved.

The Swiss bank made around $1.6bn in investment banking fees last year, a 50% decline compared to a year earlier, which was largely in line with its Wall Street peers. However, the $7.1bn in revenue within its global markets business was up 13% compared to a year earlier, with both equities and fixed-income units seeing gains.