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UBS Retreat Plotted at Castle as Credit Suisse Cuts Costs


Switzerland’s 437-year-old Wolfsberg castle has welcomed the likes of Alexandre Dumas and Franz Liszt. In September, UBS AG Chief Executive Officer Sergio Ermotti gathered the bank’s top executives there for dinner.

On the table that night, in a hall where the words carpe diem were plastered over long ago, was a plan to boost returns for shareholders of the country’s biggest bank, Bloomberg Markets will report in its February issue.