UBS's first quarter net profits were down 29% on last year at Sfr1.58bn (€1.03bn), but without the goodwill impact of the PaineWebber acquisition in the US the drop would have been 19%.

Pre-tax profits at UBS Warburg, the investment banking arm, were down by nearly 50% on the same period last year, although a direct comparison with last year cannot be made since the US broker PaineWebber has since been integrated into the business. The unit made Sfr768m (€502m) in the first quarter this year compared to Sfr1.46bn in the first quarter of last year.