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Sergio Ermotti, CEO of Swiss bank UBS.
Sergio Ermotti, CEO of Swiss bank UBS.
(ARND WIEGMANN/REUTERS)

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Give UBS credit, but not too much

Investors are taking a rosy view of UBS’s ability to execute a radical strategy to hack back its investment bank. The Swiss wealth manager’s market capitalization is up 4.4 billion Swiss francs ($4.7-billion) since the plan emerged. While UBS deserves applause, it may be getting too much credit up front.