UBS falls after BofA CEO's gloomy investment banking view
UBS•UBS falls as sector sentiment weakens
Shares in Swiss lender UBS UBSG.S fall 4.3% to the bottom of Switzerland's blue-chip index .SSMI and are on track for their worst day since February if the losses persist.
Bank of America BAC.N CEO Brian Moynihan's downbeat comments on investment banking are dragging on the sector, Oddo BHF analyst Roland Pfaender says.
Moynihan expects BofA's investment banking fees to drop by at least 10% in Q3; BofA shares slid over 5% on Monday following his comments.
"UBS is one of the big players in investment banking, also in the U.S., so they are more exposed than maybe others," Pfaender says.
