If the past is any guide — and it certainly will be — President Trump’s ambitious attempts to cut federal spending will almost certainly come to naught. The historical record is clear. As a practical matter, once government programs are created, they’re virtually impossible to kill, even if they’ve outlived their usefulness. Veterans of past budget wars (including me) going ...

Within a few months of joining UBS Group AG in 2011, Sergio Ermotti found himself in just the right place. Switzerland’s biggest bank needed to restore stability after a spate of trading losses, and the newcomer was quickly elevated to the chief executive role. His exit isn’t going so smoothly. Ermotti, 59, has signalled that he plans to step down ...

Any new chief executive likes to make their own mark. For Patrik Frisk, who took the helm of Under Armour Inc. last month, there’s even more reason than most. While founder Kevin Plank has ceded the role of CEO, he’s staying around as chairman and brand chief at the maker of athletic apparel. At first glance, the surprise sales and ...