UBS has reported a slight decline in revenue both month-on-month and year-on-year in its foreign exchange, rates and credit division.
The division’s revenue for Q4 was CHF 297 million, which was 5.7% lower than in Q3 2014 and 8.3% lower than Q4 2013.
UBS says that the although overall investor client services saw an increase in revenues of CHF 1.2 billion, this was “partly offset by lower revenues from FX, rates and credit.”
UBS makes references to FX trading in its report, but doesn’t break out any individual revenue or profit figures. The bank comments: “Higher client revenues resulting from increased activity levels were offset by weaker trading revenues.”
Interestingly, the Swiss bank reports that its trading revenues were on par with the previous quarter. This is despite an overall FX volumes surge during Q4 and an increase in volatility.
UBS continues to be under investigation from several US authorities for its role in manipulating FX rates. The bank reached a partial agreement with US, British and Swiss authorities on the matter last November.
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