Gruebel charts UBS strategy

ZURICH: UBS AG aims to reach 15 billion Swiss francs ($14.9 billion) in annual pretax earnings in the next three to five years, as Chief Executive Officer Oswald Gruebel seeks to return Switzerland's largest bank to profit.

UBS also set a goal for return on equity, a measure of profitability, of 15 percent to 20 percent in the same period, the Zurich-based company said in a statement before its investor day yesterday.

Gruebel, who joined the bank in February, has already announced 7,500 job cuts, sold a Brazilian unit, replaced four executive board members and tapped investors for 3.8 billion francs to bolster capital. UBS has been unprofitable for the past four quarters after losses at the investment bank and withdrawals of client funds from the wealth management business.