No place like home

UBS is having a fresh look at Zurich. After another whopping loss of SFr8.1bn (E5.4bn) in the fourth quarter, the Swiss wealth manager and investment bank has made its most explicit statement yet that its future lies in catering to wealthy customers in its home market. The emphasis on Switzerland is hardly surprising given that UBS accepted taxpayer capital, and is taking further state aid by shifting a pile of toxic assets into a government-funded “bad bank”. After Swiss banks’ balance sheets ...