UBS: believe the gripe

Jeffrey Goldfarb Oswald Grübel wasn’t kidding. When the revered Swiss banker took over at UBS in February, he didn’t hide his gloom. It was partly dismissed in the markets as mere expectations management, and overlooked by the promise of hope for his leadership. But UBS’s weak third quarter bears Grübel out. The results weren’t all bad. The investment bank ended an extraordinary losing streak. After stripping out accounting oddities, it eked out its first profitable quarter since the second qu...