Investment Banking

Honey, I shrunk the bank: Inside UBS’s radical five-year plan

Investment banking head Andrea Orcel brought the axe down in 2012. Five years on from the restructuring, did it work?

Honey, I shrunk the bank: Inside UBS’s radical five-year plan
Photo: Micha Theiner

In the summer of 2012, five years after the start of the financial crisis, the world economy remained in a state of disarray. Central banks were still intervening, firefighting the sovereign debt crisis in Europe and launching a third round of quantitative easing in the US, as observers wondered whether global growth would ever return.

The world had momentarily turned its attention away from relatively strong banks like UBS.

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