UBS reports 22-percent drop in 4Q net amid tax effects

Swiss bank UBS reported a 22-percent drop in net income in the fourth quarter last year, due in part to tax effects, but said Friday that rising investor confidence in the United States could boost its wealth management business. Citing “very challenging” market conditions in 2016, the bank reported net income of 738 million Swiss francs in the fourth quarter, compared with 949 million a year earlier.