UBS needs 2-3 years for sustainable profit: paper

It could take two to three years to bring UBS, the world's largest wealth manager in terms of assets, back to making a sustainable profit, its new chief executive was quoted as saying. Sunday's edition of Swiss newspaper NZZ am Sonntag quoted Oswald Gruebel as saying UBS would have to cut costs further, though he did not give specifics.
UBS is struggling to rebuild its once powerful brand after massive investments into risky US assets forced it to make more writedowns than any other European bank and to accept government backing. Gruebel said: "If there were only factors which I could personally identify, I would say two to three years.