BY DEBORAH BALL AND KATHARINA BART
ZURICH—Switzerland's UBS AG scaled back ambitions to rebuild its investment bank into a global heavyweight, as group net profit fell by half in the second quarter, dragged down by a sharp drop in its fixed-income business.
UBS, Switzerland's largest bank by assets, said Tuesday it was unlikely to hit a group pretax profit target of 15 billion Swiss francs ($18.61 billion) by 2014, while Chief Executive Oswald Grübel said he was reviewing the future of its fixed-income division in light of tougher regulations that have weighed on its rivals as well.
The decision followed news that group net profit fell ...
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