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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.
Tags >> Kaspar Villiger

UBS struggling to maintain reputation in face of recent turmoil

Posted by RJ and Makay on Sep 27, 2011

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UBS chairman Kaspar Villiger and new CEO Sergio Ermotti assured U.S. brokers that the sudden departure of former CEO Oswald Gruebel will not lead to a sale of the American unit, according to a Reuters report.  The two also affirmed their support for the unit’s CEO Robert McCann, who came to UBS from Merrill Lynch to lead a turnaround.

UBS CEO resigns in wake of company rogue trading scandal

Posted by RJ and Makay on Sep 26, 2011

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UBS chief executive Oswald Gruebel resigned this past Saturday in the wake of the recent $2.3 billion dollar rogue trading scandal.  Sergio Ermotti, a former Merrill Lynch executive, is taking over Gruebel’s position on an interim basis while the bank sorts out its plan to beef up risk controls.  Meanwhile, industry speculation continues to percolate regarding the future of the bank’s U.S. operations, though the firm says it is not selling any wealth management units.

Axel Weber slated to become next UBS chairman

Posted by RJ and Makay on Jul 05, 2011

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UBS announced last Friday that former German central bank president Axel A. Weber will join its board of directors next year, and that the firm will nominate him to succeed Kaspar Villiger as chairman in 2013.  Mr. Weber will initially join UBS’s board as a non-independent vice chairman in 2012 prior to his appointment as chairman.