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How UBS came undoneA report to shareholders shows in excruciating detail how the Swiss bank bet its reputation on risky mortgage securities - and lost.By Roderick Boyd, writer(Fortune) -- UBS Chairman Marcel Rohner confirmed today what has been one of the worst kept secrets on Wall Street: An astounding $38 billion in subprime trading losses are forcing UBS to finally abandon its years-long dream of building a global investment bank.Speaking at the Swiss bank's annual shareholder meeting in Basel, Rohner blandly conceded that those massive losses mean UBS can "no longer aim to offer everything to everyone in investment banking." He didn't commit to a course of action, but it is difficult to imagine that the 2,500 planned layoffs cited in recent news reports would be adequate if the bank were to truly scale back in everything from debt underwriting and trading to emerging market derivatives.Regardless of whether UBS (UBS) adopts a proposal from former president and 1% stockholder Luqman Arnold to split the investment bank from the consistently profitable private bank and wealth management units, the damage is done.No longer will it directly compete with the likes of Goldman Sachs across hundreds of different product lines globally. Instead, UBS will presumably retain a robust franchise in private asset management coupled with standard underwriting and lending operations. In short, UBS is preparing to return to the days before the repeal of Glass-Seagall, when trading and underwriting had a lower profile in its business mix.