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UBS Recovery Fizzles as Gruebel Sees Less Profit

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Oswald Gruebel is walking a tightrope. He can encourage UBS AG’s investment bank to take more risk or watch it fall further behind rivals.

UBS, Switzerland’s biggest bank, had the lowest revenue from sales and trading in the first three quarters of this year compared with eight main competitors and was the only one to report a third-quarter pretax loss at its investment bank.