UBS’ Wealth Management Americas division reported improved performance in the fourth quarter on Tuesday, posting a pre-tax loss of $34.4 million compared with a loss of $49 million in the third quarter.

At the same time, revenues for the division increased 3% in the fourth quarter to $1.4 million from the previous quarter. Operating income rose 7% in the fourth quarter, the highest level since the third quarter of 2008.

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