UBS has been through a “boxing match” but will be back to health within a year and ready to reverse its bail-out deal with the Swiss government, Oswald Grübel, its chief executive, has told the Financial Times.
Mr Grübel, the German who took the top job at the Swiss bank in the spring, said: “Our brand looks like it's been through a 15-round boxing match. Operationally and reputationally, there's not much more you can get wrong.”
In recent weeks, as he seeks to normalise the bank's operations, he has locked horns with regulators at Swiss watchdog Finma after suggesting he was keen for UBS to buy its way out of a “bad bank” deal with the Swiss government.
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