Private clients who have stood by UBS through repeated scandals will have their faith tested by the Swiss bank's admission of rate rigging, investors say.
Reuters reports that CEO Sergio Ermotti is winding down much of UBS's riskier investment banking arm and believes a return to managing money for the global rich will allow it to earn its way out of trouble.
But the jewel in the crown of the disgraced bank will only keep its lustre if it maintains the trust of millionaires keen to park their fortunes in the safest possible hands.
'UBS has been involved in an endless series of incidents in the last couple of years and it will take some time - several years without more damaging news - to restore trust', said one Zurich-based investment manager with a stake in the bank.
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