Kweku Adoboli
UBS may cut more jobs at its investment bankPosted by RJ and Makay on Oct 21, 2011 |
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UBS AG may shave about 1,700 more jobs at its investment bank as the firm continues to shrink its fixed-income business, according to JP Morgan Chase analysts. UBS had already unveiled plans in August to cut 3,500 jobs, including 1575 from its investment bank, in an effort to save 2 billion Swiss francs in annual costs by the end of 2013.
UBS struggling to maintain reputation in face of recent turmoilPosted 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 scandalPosted 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.
Oscar Wilde (Irish Poet, Novelist, Dramatist and Critic, 1854-1900)
