UBS One step at a time

UBS hasn’t done enough yet to get both feet back on investors’ pedestal. The Swiss bank made a strong recovery in the fourth quarter after tripping over a bad call on US interest rates the quarter before. But it may struggle to regain all of its premium over peers until all it can show more convincingly that all systems are in perfect health. Certainly, pre-tax profits of SFr3.6bn, a 32% rise over the previous quarter, were a good show. Global Asset Management flew, raising profits by 41%. Alth...