Swiss-lender UBS saw a 16% drop year-on-year in its third-quarter profit and a 59% slump in investment banking amid a “challenging environment.”The bank’s net profit attributable to shareholders for the third-quarter came in at $1.049 billion. This is lower than the $1.2 billion figure reported in the same quarter in 2018.Here are some key highlights for the quarter:Operating income hit $7 billion versus $7.5 billion a year agoReturn on tangible equity stood at 8.7% versus 11.1% a year agoCommon equity tier 1 capital ratio of 13.1% versus 13.5% a year agoUBS also said it expects to take restructuring expenses of $100 million in the fourth-quarter of 2019. UBS, like its peers, is looking at ways to restructure as banks continue to shrink and face headwinds from low and negative interest rates.”Low and persistent negative interest rates and expectations of further monetary easing will adversely affect net interest income compared with last year,” UBS said in a statement Tuesday.”As we execute on our strategy, we are balancing investments for growth while managing for efficiency,” UBS added.Rising rates are good for banks since they are able to lend out money to investors at a profitable rate of interest. Lower interest rates restrict the bank’s ability to make profits thus adding pressure on margins.HeadwindsThe lender continues to face headwinds in its investment banking and global wealth management business.The lender’s investment banking business saw a 59% decline in the third-quarter of 2019 in terms of operating profit before tax (adjusted) which fell from 507 million CHF ($505 million) to $203 million. This as compared to the same quarter last year.Investment banking is a specific division of banking related to the creation of capital for other companies, governments and other entities.Meanwhile, the bank’s global wealth management business saw an 8% decline as compared to the same quarter last year.