UBS: looking up

Jeffrey Goldfarb UBS is finally looking forward instead of back. Nine months after Oswald Grübel was recruited to lead a turnaround of the Swiss bank, he is setting targets. Grübel reckons UBS can achieve SFr15bn of profit before tax by no later than 2014. That would be a return to the results of 2006, before the bank nearly drowned in a $50bn fixed-income sinkhole. One unsurprising element in the forecast medium-term rebound is a reversal of the well established trend of millionaires taking t...