Southpaw: UBS investment bank back on its feet, ready to run after Gruebel turnaround

UBS’s investment bank is back in the black but chief executive Oswald Gruebel is not yet shouting from the rooftops. Equity capital markets revenues surged — helped by the firm’s integrated approach — while fixed income recovered but the next big test will be how the firm performs as M&A deals rebound, writes David Rothnie.