UBS Global Wealth Management’s pre-tax profits decreased seven percent year-on-year in Q1.

Pre-tax profits stood at $1.31 billion at the end of March 2022 compared with $1.41 billion a year earlier.

UBS said this was due to higher operating expenses, which were partially offset by higher operating income.

Operating expenses were up five percent from $3.44 billion to $3.60 billion. While operating income increased one percent from $4.85 billion to $4.91 billion....