Despite the rally in global equity markets, revenues in the first-quarter of 2019 was one of the worst in recent years, CEO of Swiss-bank UBS told CNBC.
div > div.group > p:first-child"> "I think that we are facing macro and geopolitical challenges that we all know, but in addition to that the first-quarter was lacking any of the elements of positive seasonality this year," Sergio Ermotti told CNBC's Joumanna Bercetche on Wednesday.
Investment banking is a specific division of banking related to the creation of capital for other companies, governments and other entities. "The Chinese market is up 25 percent and Hong Kong is up, U.S. is up ,but the volumes supporting that rally are not there," Ermotti added.At the forefront of investors' minds is the rates strategy of the U.S. Federal Reserve this year. The central bank had been expected to push ahead with monetary tightening this year but has faced pressure from President Donald Trump to not keep on hiking rates which he said would damage the U.S. economy.
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