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UBS expects SFr2.5 billion pre-tax profit

Swiss bank UBS has said its first-quarter pre-tax profit would be at least SFr2.5 billion ($2.36 billion), and client withdrawals had slowed at all its business units.

The announcement comes two days before what is expected to be a stormy annual shareholders’ meeting.

Some activist investors, including large pension funds, are preparing to reject a UBS bonus system and plans to clear management of responsibilities for the financial crisis the bank has faced.

In a surprise interim statement, UBS estimated net outflows to be around SFr8 billion at its Wealth Management and Swiss Bank divisions.

It said withdrawals at the Wealth Management Americas division would be SFr7 billion and that it saw withdrawals of SFr3 billion in Global Asset Management.

UBS is due to report full first-quarter figures on May 4. and agencies


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