(Bloomberg) -- UBS became a favorite with investors and the envy of European rivals after CEO Sergio Ermotti scaled back its trading unit to focus on managing the more than $2 trillion that wealthy customers have at the bank.

Three years on, as Credit Suisse Group and Deutsche Bank struggle to catch up -- ordering management shakeups and sweeping job cuts designed to shrink their securities businesses -- UBS is facing fresh hurdles of its own.

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