Grübel claims the tide is turning for UBSUBS: An onshore network for offshore bankingWhen UBS presented its medium-term plans last November, investors and analysts were taken aback by the revelation that Swiss regulators, already at the forefront of calls to impose new leverage limits on the global banking industry, were insisting on extraordinarily high tier 1 equity ratios for big Swiss banks of up to 16% by 2013, with half of this to be in the form of pure equity and retained earnings. As well as all the work he has to do overhauling UBS’s risk management and reorienting its businesses to thrive much more efficiently on low capital consumption, low leverage and low proprietary...
