It was a former Merrill Lynch banker who dreamt up the grand plan of catapulting a conservative Swiss bank into the global investment banking league.
Two decades and tens of billions of losses later, another ex-Merrill banker is trying to bury that vision.
Sergio Ermotti’s move to shut down most of UBS’s fixed income trading and shed 10,000 jobs reversed a plan initiated by one of his many predecessors as chief executive, Marcel Ospel, to become “number one in global investment banking”.
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