UBS profit halves due to U.S. litigation, but draws billions new money

UBS Group AG said Tuesday that earnings declined in the first quarter, hurt by litigation, but that the bank drew in billions in net new money at its global wealth-management business following the news of its acquisition of Credit Suisse Group AG.

The Swiss bank UBS CH:UBSG said its result was affected by $665 million in provisions related to U.S. residential mortgage-backed securities litigation.

UBS…