After it took the worst beating from the subprime crisis of any European bank, there’s spreading optimism that UBS may be on its way back – and even poised to recapture its crown as the top global wealth manager in the process
After it took the worst beating from the subprime crisis of any European bank, there’s spreading optimism that UBS may be on its way back – and even poised to recapture its crown as the top global wealth manager in the process.
Bankers now talk about UBS becoming the “FiFo” institution – first in, but first out–from the financial crisis after the napalming of its balance-sheet in the past 18 months.
The rehabilitation of UBS has come at vast cost. It last year wrote down $49 billion and turned over around $60 billion in toxic assets to the country’s central bank. The Swiss government also agreed to inject SwFr 6 billion of fresh capital into UBS in exchange for a 9.3 per cent stake.
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