Swiss banks add to Q1 FX earnings slide

NEWS

ZURICH -- UBS Group, the parent company of UBS Warburg, reported a slip in its FX earnings for the first quarter of 2002, due in part to lower FX market volatility. The bank’s group-wide FX revenues for Q1 were CHF324 million ($192 million), down from CHF422 million ($258 million) in Q1 2001.

"Markets were mostly range-bound in the first three months of the year, so client hedging and investing activity wasn’t as strong as a year ago," said Martin Wiedmann, global head of FX distribution at U