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UBS first-quarter profit up 14%, but CEO ‘very disappointed’ with hit from Archegos scandal

  • The Swiss lender said revenues were $774 million lower as a result of the Archegos hedge fund's collapse.
  • UBS CEO Ralph Hamers told CNBC the bank was "very disappointed" by the loss and had started a review into its prime brokerage business.
  • The bank's net income for the first quarter came in at $1.8 billion, beating analyst expectations and up 14% from a year earlier.

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