UBS is dead. Long live UBS!
Marcel Ospel’s departure as chairman of UBS is the climax of a revolution, in which the bank’s top management has been changed and a new policy of risk-aversion introduced. UBS is certainly being thorough and serious about the regime change. But the bank has been here before, in 1998. Can investors be sure that this time, its more careful use of balance sheet will last more than five years?
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