UBS has committed itself to a radical improvement in its risk assessment and control procedures, after admitting that it had slipped up during the US subprime crisis. Financial Times, The Times, Daily Telegraph, the Independent

Marcel Rohner, chief executive since July and a former risk specialist, confirmed that the Swiss group would also pull back from corners of the US markets where internal procedures had failed adequately to identify risks at work.

The moves came as UBS said investment banking would remain in the red in the fourth quarter, after reporting a SFr830m ($715m) net loss for the three months to the end of September because of write downs on US sub-prime holdings.