UBS: stuck at the gate

What a difference half a year can make. Six months or so ago UBS had been battered by $37bn in credit-related write-downs, shown chairman Marcel Ospel the door, and was looking for capital. Its investment banking boss, Jerker Johansson, had recently joined and was on the prowl for someone to run fixed income, currencies and commodities. He’s now found one in Goldman Sachs partner Carsten Kengeter – but because of his gardening leave, Kengeter can’t get down to business for another six months. O...