Op risk will help determine bonuses, UBS promises

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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 issues.

"Our objective is to reinforce the operational risk framework. Staff need to live and breathe a

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