UBS/SBC: About turns at UBS

After spending four months trying to hammer out project-finance strategy at the new UBS/SBC, Chuck Zabriskie, global head of the business at UBS, thought he’d finally struck a deal with the SBC-dominated board. He had, colleagues say, managed to retain his business structures and staff numbers, even though SBC pulled out of project finance three years ago. It looked like a small victory for the demoralized UBS footsoldiers.

But nothing is what it seems inside Switzerland’s new banking monolith.