As we have reported here , UBS's fixed income salespeople and traders have been through some changes. All sorts of people have left the rates team . Others have arrived. Something good seems to have happened. 

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UBS reported today that its fixed income sales and trading revenues rose by 38% year-on-year in the first quarter. This compared to an increase of 8% in fixed income revenues at Deutsche Bank and an increase of almost nothing over at Barclays.