UBS Contrary indicator

If UBS is disappointed with a 9% drop in investment banking revenues in the first quarter, it’s not saying so. Most other banks would admit that revenue declines of 14% in fixed income and 4% in equities, combined with a flat contribution from the advisory business, were weak. But it seems the Swiss think this is satisfactory. Is it? On the surface, no. After a long period as the industry’s golden boy, UBS is both underperforming its peers and undershooting forecasts in investment banking. And U...