Sergio Ermotti, CEO of UBS, a Swiss bank, speaking at a conference for investors in London, called the first quarter of 2019 one of the most difficult for the bank in recent years. He expects weak financial results for the quarter against the background of minimal activity in the markets of mergers and acquisitions and IPO outside the US. At the end of March, the revenue of the investment bank will decrease by about a third compared to the first quarter of 2018. A decline in the state management is expected at 9%. The low profitability of UBS forces its management to postpone the implementation of some IT projects to a later date, and also to postpone the hiring of new staff.