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UBS targets profit through transformation

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UBS targets profit through transformation

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UBS has said it is targeting an annual pretax profit of almost 10 billion euros.

At a meeting of the loss-making Swiss bank’s shareholders, Chief Executive Oswald Gruebel said he is aiming to move on from the subprime crisis and the row with the US government over Americans allegedly evading tax with undeclared accounts. However, turnaround specialist Gruebel warned investors the “transformation” would not be easy.