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UBS profit halves due to U.S. litigation, but draws billions new money

Dow Jones Newswires Last Updated: April 25, 2023 at 1:49 a.m. ET First Published: April 25, 2023 at 1:25 a.m. ET UBS drew $28 billion at wealth-management division This file photo taken on February 25, 2016 shows the logo of the Swiss global financial services company UBS at the entrance of a branch’s building in
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Dow Jones Newswires

UBS drew $28 billion at wealth-management division

This file photo taken on February 25, 2016 shows the logo of the Swiss global financial services company UBS at the entrance of a branch’s building in Zurich.

fabrice coffrini/Agence France-Presse/Getty Images

UBS Group AG said Tuesday that earnings declined in the first quarter, hurt by litigation, but that the bank drew in billions in net new money at its global wealth-management business following the news of its acquisition of Credit Suisse Group AG.

The Swiss bank UBS CH:UBSG said its result was affected by $665 million in provisions related to U.S. residential mortgage-backed securities litigation.

UBS…

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