Gruelling slog for Gruebel

When Oswald Gruebel unveiled ambitious mid-term targets last November, he urged investors to be patient. Yet even the UBS chief could not have realised just how much forbearance would be required. Fourth quarter results not only show the Swiss bank is making little progress, but is actually going backwards in some areas. Unsurprisingly, UBS’s share price is also heading in the wrong direction. The most striking disappointment is that net outflows from the private bank in the fourth quarter were...