UBS: A major ubset

UBS has bent over backwards to draw a line under its troubled recent history. But in spite of action to clean up its investment banking and wealth management businesses, investors have been dumping the shares. Their concern is understandable, but perhaps also overdone. There are two continuing difficulties. The first is that the restructuring has left a substantially smaller foundation on which to build. Chairman Peter Kurer and chief executive Marcel Rohner are - rightly - slimming UBS’s inves...