Presumably that is down to straightforward doubt as to the value of UBS's book. It is not uncommon for unpopular companies that are holding a lot of their bala

Presumably that is down to straightforward doubt as to the value of UBS's book. It is not uncommon for unpopular companies that are holding a lot of their balance sheet at "market value" (as banks do) to trade at discounts to their stated book. Take a look at LSE:LAND, a "£10bn" REIT trading at a £6bn market cap.