Senior UBS bankers have privately conceded that the Swiss financial services group is unlikely to meet ambitious performance targets as it realigns its business in response to new rules on capital.
Oswald Grübel, chief executive, surprised analysts last month by maintaining his medium-term goals of SFr20bn ($22.76bn) in annual revenues and SFr6bn in pre-tax profits for the group’s recovering investment bank.
UBS’s targets were set in late 2009, before the new Basel III framework was finalised and before Swiss regulators proposed their own additional capital requirements for the group.
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