Marcel Rohner, chief executive of UBS, attempted to placate angry shareholders at today's annual general meeting in Basel by promising a back-to-basics approach, under which the investment bank will be left to fund itself without the support of its wealth management division.
Rohner said UBS' "disastrous" Sfr4bn (â¬2.5bn) loss last year "has eroded a great deal of trust" as he detailed the steps the bank is taking "to ensure that something like this never happens again". He added UBS wanted to win back the trust of shareholders.
