Loyalty is key for Grübel’s UBS turnaround chances

As Oswald Grübel hammers out the finer details of his survival plan for UBS he must somehow maintain the loyalty that binds together the firm’s investment bankers. It is one of the mysteries of the financial crisis that UBS, vilified in its home market to an even greater degree than RBS is in the UK and AIG in the US, still has a franchise worth fighting for, and that more of its investment bankers haven’t already left the firm.