UBS: Star performer poorly marked

Earnings were positive in 2017, but it's a shame about the share price

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Since the financial crisis, UBS has been the oft-cited poster child for how to turn a business around and create a sustainable franchise in modern banking. But in 2016 the Swiss bank arguably became a victim of its own success – its performance was safe, steady, still at the head of the industry by many metrics. But UBS became, dare we say it, a little boring.

As chief executive Sergio Ermotti has pointed out to Euromoney, there is something rather positive about being considered boring in modern finance.

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