UBS/market risk: wise words and tough choices

Peter Wuffli knows that financial hangovers can be painful. The head of UBS told the Financial Times that the current period of easy money is «potentially risky». When it ends, there could be litigation, quarrels or «just plain exposure to reputation». Wuffli has tried to keep risks down at the Swiss bank. But in the competitive banking business, such virtue is not always rewarded. It’s a question of timing. If the boom times had been followed by a sharp recession a year or two ago - as many pe...