Op risk will help determine bonuses, UBS promises
Ermotti promises culture that "safeguards and reinforces our reputation"
UBS is to cut its investment banking arm in half in the wake of September's rogue-trading loss, which pushed the division into the red for the third quarter of the year. Speaking on Thursday evening, chief executive Sergio Ermotti refused to give more details on the loss, but said the bank would be overhauling its operational risk management framework, with emphasis on culture and compensation
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