UBS President Peter Wuffli says he sees the signs of the end of the bear market, Reuters reports. Wuffli made the remarks in a conference call following his firm’s first-quarter results. Although UBS’ net profit fell to $1.2 billion Swiss francs and operating income fell 19%, the results were better than expected.

"While some further degree of volatility cannot be excluded, we do feel that the downward pressure on our industry from the business and market environment could be beginning to ease and that the worst earnings declines may be behind us," Wuffli told reporters.

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