UBS: exit 6 billions

Swiss authorities might want to run for the exits. From today, they are free to convert and sell SFr6bn of notes in UBS. It’s a tempting proposition that would tick many happy boxes. But such a move still looks premature. The Swiss would have company. The US Treasury is allowing 10 banks, including Goldman Sachs and JPMorgan, to buy back government shares while Lloyds Banking Group in the UK is paying off half the state’s preference shares. For the staff of UBS, one of the most badly bruised i...