UBS committed itself to improving radically its risk assessment and control procedures as a bank once renowned for its risk awareness admitted it had slipped up in the US credit turmoil. Marcel Rohner, chief executive since July, confirmed the group would pull back from areas of US markets in which internal procedures had failed adequately to identify risks. UBS will “de-emphasise” proprietary trading, and introduce measures to reprice capital put at traders’ disposal. Staff in its investment bank will also receive a higher proportion of compensation in UBS shares. Lex notes that there is more pain to come and shareholders will not be the only ones to suffer. The 1,500 job cuts announced so far are not likely to be enough to bring costs under control.