UBS boss asks for less risky bank

UBS interim chief Sergio Ermotti appealed to staff in an internal memo to back efforts to make the bank less complex and risky yesterday, following the $2.3bn (£1.5bn) loss from unauthorised trading. Ermotti told workers he has “no magic recipe to inspire you to redouble your efforts. I can only appeal to your professionalism, your loyalty and your determination to succeed.”