UBS Group AG on Wednesday reported record revenue for its market-making unit, totaling $2.5 billion in the first three months of the year. At the same time, traders at Barclays Plc recorded their most successful quarter since 2022.
Societe Generale SA also recorded a significant increase in equity trading revenues during the period, while Deutsche Bank AG earlier reported the best start to the year for its traders.
These gains were driven by increased volatility in the markets.
“In the first days of April, we saw a surge in client activity and volatility,” UBS Chief Executive Officer Sergio Ermotti told analysts on Wednesday.
He stressed that the figure was 30% higher than the pandemic peaks, an unprecedented phenomenon, but warned that the situation has since stabilized.
Meanwhile, in Canada, “trade wars” have led drilling companies to abandon oil production, switching to gas.
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