AS THE FIRST anniversary of his appointment as chief executive of UBS approaches, Oswald Grübel has yet to convince the outside world that he is turning the bank around following two nightmare years of huge financial losses and serious damage to its reputation.

UBS is financially much more stable now than at any point since mid-2007. Last year, no doubt heavily guided by conservative Swiss regulators, it rebuilt its tier 1 capital ratio from 11% to 15% by the end of the third quarter, while reducing risk-weighted assets by 30%.

Private banking: Oswald Grübel claims the tide is turning for UBS

Legendary troubleshooter Oswald Grübel has had a tough first year at UBS, trying to mend the bank’s tattered reputation and staunch the outpouring of client money. But his biggest challenge may be convincing the markets that his methods are working.

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