UBS’s investment bank brought in fees nearly 70% ahead of last year during the second quarter, due to a surge in mergers and acquisitions work. 

The 68% gain in UBS’s global banking unit to $881m was ahead of its Wall Street rivals, thanks to a 223% increase in M&A fees, which it said “outperformed the global fee pool in all regions”. Ralph Hamers, UBS's chief executive said the M&A fees were the "highest on record".