UBS, the bn Swiss bank, reported its full-year results for 2019 on Tuesday. They weren’t great.Via the FT’s Stephen Morris and Sam Jones:The Swiss group’s investment banking division suffered a 50 per cent plunge in annual profit, depressed by ultra-low European interest rates, choppy equity markets, fewer corporate deals and persistently high costs. Overall net income fell 5 per cent. Tuesday’s results compare unfavourably with US peers — particularly JPMorgan and Morgan Stanley — which last week posted record profits on the back of a buoyant domestic economy and continued market share gains. The shares fell 4.9 per cent. Analysts criticised the bank for missing profitability and cost targets set barely more than a year ago.It wasn’t the tepid results which got FT Alphaville’s
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UBS, the $46bn Swiss bank, reported its full-year results for 2019 on Tuesday. They weren’t...