UBS predicts poor Q1 over euro zone woes

February 7, 2012 1:14 AM EST

UBS warned of a poor first quarter as uncertainty surrounds the eurozone, its banks and U.S. deficit issues, as it posted a sharp drop in fourth-quarter profit that missed analyst expectations on Tuesday.

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"Traditional improvements in first quarter activity levels and trading volumes may fail to materialize fully, which would weigh on overall results for the coming quarter, most notably in the investment bank," UBS said in its earnings report.

"Nevertheless, we believe our asset-gathering businesses as a whole will continue to attract net new money as our clients recognize our efforts and continue to entrust us with their assets."

(Reporting By Katharina Bart)

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