UBS 1Q profit tops expectations but Trump tariff shock clouds outlook

UBS reported a better-than-expected Q1 net profit of $1.7 billion, driven by strong performance in its investment banking division. However, the bank cautioned about an uncertain outlook due to potential global growth headwinds from U.S. tariffs. UBS is continuing its integration of Credit Suisse, achieving $8.4 billion in cost savings and reducing its workforce.