UBS: Bank on the run

UBS is running apace to a new future. To get there, the Swiss bank has admitted defeat on its one-bank model and further shaken up the executive ranks, fresh on the heels of broader management and governance overhauls. But as fast as UBS races to tomorrow, it is struggling to pull away from yesterday. The latest results show the doggedness of the past. A legal settlement in the US over the sale of auction-rate securities cost it another $900m, on top of $5bn of fresh credit-related write-downs,...