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UBS Chief Executive Oswald Gruebel is targeting annual pretax profit of 15 billion Swiss francs ($14.87 billion) as he aims to put the subprime crisis and a U.S. tax row behind the bank and win back clients.
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Sharon Lorimer |
Gruebel said the company's new strategic plan would transform UBS, and he reaffirmed his commitment to an integrated banking model that combined the bank's traditional wealth management strength with a broad investment banking offering.
"Our strategy represents an evolution in terms of the business portfolio but a revolution in the way we will operate," Gruebel said in a statement ahead of the bank's first strategic presentation since he took office in February.
Gruebel also said he was targeting a cost-to-income ratio of 65 to 70 percent and a return on equity of 15 to 20 percent over a medium-term period of three to five years.
Since his Feb. 26 appointment Gruebel, 65, has been pushing through a tough restructuring that involved selling Brazilian unit Pactual for $2.5 billion, boosting UBS' capital strength and cutting costs.
But UBS shares consistently underperformed rivals in 2009 and fell again after UBS posted a larger-than-expected third quarter loss on Nov. 3, the seventh out of eight straight quarters the Swiss bank has been unprofitable.
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