UBS tries to crack the American market at last

The Swiss group wants to be valued as a global wealth manager rather than a European bank. But it lags far behind its Wall Street rivals. UBS wants to convince investors it is not just a European bank. First, it has to prove it can make more money in America. A national banking licence and a return to client inflows have given the Swiss bank’s US wealth business cause for optimism after a bruising period of adviser departures, weak profitability and an internal overhaul. But UBS remains far…