To return UBS to profit, Mr. Grubel is shrinking the business and cutting costs by focusing on the bank's core operations of wealth management, investment banking and asset management.
"We know where we have to set to work," Mr. Grubel said in a statement before the annual general meeting on Wednesday. "It will be a long road back to success without any quick fixes. Rather, we will move forward step by step in a rigorous and disciplined manner."
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