Slower cruising speed

Be more careful. Like a driver who has just had a harrowing accident, the new management team at UBS has learned its lessons. For the Swiss bank’s shareholders, the future ride will be less profitable. The accident was frightening. Losses of $4,4bn (SFr5,3bn) on US mortgages dragged UBS to a SFr830m loss in the third quarter. Both those negative numbers were a little worse than the bank had suggested a month ago. Marcel Rohner, the new chief executive, also made it clear that more mortgage write...