Funding costs are rising and the markets periodically shut down. But regulators want you to raise more and to hold more short-term liquidity that you can’t reinvest at a profit. You don’t know how regulators will classify your risk assets or how much capital they will require you to hold. But it will be more than you have. Raising it will cost more than you can earn as a return on it. Fancy a challenge? Become a CFO. Peter Lee reports.

Bank rebuilds in Latin nation; Hopes to gain investment banking licence soon

Welcome signs of continuing profit growth; fixed-income rebuilding fast.

Swiss bank buys independent broker-dealer.

In rushing out the early announcement of a first quarter pre-tax profit of SFr2.5 billion, UBS chief executive Oswald Grübel clearly hopes to persuade anxious shareholders gathering for April 14th’s annual meeting that his turnaround of the bank is well underway.

Growing pace of outflows shows Swiss bank has a long way to go to complete turnaround story

When 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 risk-taking, Grübel has found himself spending a large amount of time in meetings with other senior bankers and regulators debating how to write new rules for the game.

Grübel claims the tide is turning for UBS

It seems an odd time to devote resources to building an investment banking franchise.

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.

Business could win from others’ vulnerability; Reputational damage will be tough to repair

The UK’s Financial Services Authority has fined UBS £8 million for a series of breaches that occurred between January 1 2006 and December 31 2007 in its international wealth management business. By accepting the fine at an early stage, UBS has secured a whopping 20% discount.

The Swiss bank needs to make a real commitment to the key Latin market, or give up the ghost.

The first Swiss issuer of jumbos; Broader investor base sought

Wilmot-Sitwell and Kengeter take charge; Misra hire counters key staff departures

UBS has made a big hire to rebuild its battered fixed income franchise. This well-known banker has built businesses before and is the first sign that the firm has made of its commitment to the sector.

The sale of Pactual could be the first of many disposals of emerging markets assets by banks desperate to raise capital.

New UBS chairman and chief executive show the pressure the country’s banking system is under.

Former Swiss finance minister to replace Kurer at helm of UBS.

Euromoney was the last publication to carry an in-depth interview with Marcel Rohner before he resigned as CEO of UBS at the end of February. In the interview he details the challenges that will now face his successor, Ossie Grübel.

The Private Banking and Wealth Management Survey 2009 received 1643 valid votes (1244 'part B' votes, 399 'part A' votes), representing $11.8 trillion of Assets under Management.

UBS’s chief executive was the first global bank head to tackle the impact of the credit crunch. His actions may have saved the bank. Much remains to be done. The future of the firm’s investment bank is in doubt. And so will Rohner’s own position be, if he doesn’t quickly return the bank to profit and shut the door on outflows in its wealth management franchise. Clive Horwood reports

Why Rohner left UBS

"Return to profitability in 2009 is our most important priority". The bank’s chief executive details his vision for a new UBS

Even as they delever, shed assets, raise capital and hoard liquidity against further hits, banks know they must also fundamentally change the rotten underlying business practices that led them to disaster. If they can’t, even those that manage to survive this disaster will fall victim to the next. That’s if the regulators don’t shut them down first. Peter Lee reports on an industry trying to relearn the basics.

Like other global investment banks that are rushing to send their best talent to the Gulf, UBS is seeking to take advantage of the opportunities there.

Andre Esteves, who was chairman and chief executive of Latin America at UBS Pactual, has left the firm to set up a fund. Rodrigo Xavier will replace him and will report to Jerker Johansson, chairman and chief executive of UBS Investment Bank. In addition, Juerg Haller has been named chairman and chief executive of UBS Latin America, spanning all business groups.

The departure of Andre Esteves from UBS need not be a big setback for the Swiss bank’s fortunes in Brazil.

Andre Esteves has quit his role as global head of fixed income, commodities and currencies (FICC) at UBS, the troubled Swiss investment bank.

UBS has done a service to all investors in bank stocks and bonds by making public the report requested by the Swiss Federal Banking Commission into the root causes of its sub-prime losses.