UBS was the top-earning investment bank in the Asia-Pacific region this year, after stock transactions from Chinese companies and merger deals by Australian and Indian firms boosted its performance.
The Swiss bank’s revenue from investment banking reached $659 million, an 8.8 percent share of the market ahead of Citigroup Inc who recorded $419 million, and JP Morgan Chase & Co with $379 million.
The Wall Street Journal reports that last year Japan’s Nomura Holdings Inc. was first place, but this year it came in at fourth.
The news will be gladly received by UBS after it parted with two executives and cut some 1,500 staff following the write off of $1.6 billion in losses after its involvement in the US sub-prime credit crisis.