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UBS investment bank slips by 50% as it targets Credit Suisse deal completion in Q2
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UBS said it is aiming to complete the acquisition of its cross-town rival Credit Suisse in the second quarter, as profits within its investment bank slumped by nearly 50% in the first three months of the year.
UBS is "focused on completing the acquisition of Credit Suisse", it said in its first quarter results, reiterating that it is intending to shrink its rival's investment bank so the combined units comprise no more than 25% of its overall risk-weighted assets.
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