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Momentum: Oswald Grübel addresses the shareholders meeting in April |
In rushing out the early announcement last month of a first-quarter pre-tax profit of SFr2.5 billion ($2.3 billion), UBS chief executive Oswald Grübel clearly hoped to persuade fractious shareholders gathering for the bank’s annual meeting in mid-April that his turnaround of UBS is well under way. The consensus among many analysts covering the bank had been that it would report just under SFr2 billion for the first quarter, so this came as a welcome sign of gathering momentum.Efforts
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