From: Kaspar-Villiger, Chairman
Sent: Monday, April 20, 2009 4:54 AM
To: ‘All UBS staff globally’
Subject: Initial thoughts on UBS and on winning back the trust of our stakeholders / Erste Gedanken zu UBS und wie wir das Vertrauen unserer Anspruchsgruppen zurückgewinnen können
Additional language versions can be accessed on the intranet: (fra, ita)
Dear colleagues
Last Wednesday at UBS’s annual general meeting I was elected Chairman of the Board of Directors by our shareholders. In assuming this post I am well aware that I have taken on a great responsibility. I also know that UBS continues to find itself in a difficult situation. No one is certain how the markets will develop. Past mistakes have shaken the trust of investors, clients and public authorities, as well as Swiss citizens. The state aid the bank has received has exposed it to the competing interests of politics. We have not yet been able to return to profitability, and many of you feel insecure. But these are problems that can be conquered.
I considered long and hard whether I should take on this demanding job as Chairman. In fact, I had already overcome enough thorny situations in my professional career and was completely satisfied with the memberships on the board of directors for two global corporations that I had accepted since my retirement from the Swiss government. There were three reasons that I decided to undertake this huge challenge:
· First, it is vital to the entire country, the financial sector and the economy for UBS to return to success. The effort needed to achieve this is worth it.
· Second, despite its current problems, UBS has proven strengths that will enable it to ascend back into the top rank of financial institutions.
· Third, you as employees, under the leadership of Oswald J. Grübel, are completely capable of bringing about the turnaround if you do not lose courage in the face of setbacks and continue giving your all.
I know that such words will ring hollow to many of you, especially those of you who fear for your job because of our unavoidable restructuring. Unfortunately, the measures we are taking are inescapable if the bank is to work its way out of the trough it is in. The alternatives were even more painful. That is something we have to understand. But I assure you that we are committed to making even the painful decisions as responsibly as possible.
I urge you to keep up your fighting spirit. We can win back the trust of all our stakeholders by conducting ourselves in a competent, responsible and proper manner and by serving our clients skillfully and tirelessly. Despite the adversities we face, I look forward to tackling this assignment together with Oswald J. Grübel and all of you. And I know that the entire Board is equally motivated behind me.
I’m counting on you!
Yours,
Kaspar Villiger
German version:
Liebe Mitarbeiterinnen und Mitarbeiter
Letzten Mittwoch, an der Generalversammlung der UBS, haben mich unsere Aktionärinnen und Aktionäre zum Präsidenten des Verwaltungsrats gewählt. Ich bin mir bewusst, dass ich damit grosse Verantwortung übernehme. Ich weiss auch, dass sich die UBS in einer schwierigen Lage befindet. Niemand weiss, wie sich die Märkte entwickeln werden. Begangene Fehler haben das Vertrauen von Anlegern, Kunden, Behörden sowie Bürgerinnen und Bürgern in der Schweiz erschüttert. Die Staatshilfe hat die Bank ins Spannungsfeld der Politik manövriert. Die Profitabilität konnte noch nicht wiederhergestellt werden. Viele von Ihnen sind verunsichert. Aber diese Probleme sind überwindbar.
Ich habe mir reiflich überlegt, ob ich das verantwortungsreiche Amt des Verwaltungsratspräsidenten annehmen soll. Eigentlich musste ich in meinem Berufsleben schon genügend schwierige Situationen überwinden und war seit meinem Rücktritt aus dem Bundesrat mit zwei Verwaltungsratsmandaten in global tätigen Konzernen vollauf zufrieden. Aus drei Gründen entschloss ich mich trotzdem, diese grosse Herausforderung anzunehmen:
· Erstens ist es für das ganze Land, den Finanzplatz und die Wirtschaft wichtig, dass die UBS auf den Erfolgspfad zurückkehrt. Da lohnt sich ein grosser Einsatz.
· Zweitens hat die UBS trotz der aktuellen Probleme ausgewiesene Stärken, die es ihr ermöglichen, wieder in die oberste Liga der Banken aufzusteigen.
· Drittens sind Sie, liebe Mitarbeiterinnen und Mitarbeiter, fähig, unter der Führung von Oswald J. Grübel den Turnaround zu schaffen, wenn Sie trotz der vielen Rückschläge den Mut nicht verlieren und Ihren Beitrag zum Erfolg leisten.
Ich bin mir bewusst, dass solche Worte für viele von Ihnen hohl klingen, vor allem für jene, die wegen der unausweichlichen Restrukturierungen um ihren Arbeitsplatz fürchten. Leider sind diese Massnahmen unausweichlich, wenn sich die Bank aus der Talsohle herausarbeiten soll. Alle Alternativen wären noch viel schmerzhafter. Dazu müssen wir stehen. Wir werden aber alles daran setzen, auch die schmerzhaften Entscheide verantwortungsvoll zu treffen.
Ich fordere Sie auf, den Mut nicht zu verlieren. Wir können durch fachkundiges, verantwortungsbewusstes und korrektes Verhalten und durch einen unbedingten Einsatz für unsere Kunden das Vertrauen aller Anspruchsgruppen zurückgewinnen. Trotz aller Widrigkeiten freue ich mich darauf, diese Aufgabe zusammen mit Oswald J. Grübel und Ihnen anzupacken. Dabei weiss ich den ganzen Verwaltungsrat motiviert hinter mir.
Ich zähle auf Sie!
Ihr
Kaspar Villiger
UBS Sucks. tldr.
UBS ist nicht große Anspruchsgruppen zurückgewinnen Anspruchsgruppen Verwaltungsrat überlegt schnizlegußßer.
Mein Heir
das boot!
I love German. The long words tickle the throat… almost as though you need two gallons of phlegm to get through a 5 word sentence.
Vorsprung Durch Technik
“· Second, despite its current problems, UBS has proven strengths that will enable it to ascend back into the top rank of financial institutions.”
Proven Strengths = Helping US tax evaders hide money.
“and by serving our clients skillfully and tirelessly”
Those pesky tax evaders again.
Question for Kaspar: WTF is Oswald going to do for you? You keep talking about him as though he’s some kind of miracle worker. Only room on the planet for one of those at a time, and we already have one. You know, the missiah, the one in Washington.
The Guy from Delaware
They bought Paine Webber and drove that company into the ground.
They copped to conspiracy to helping Americans evade taxes.
Clients who aren’t being arrested are leaving in droves with their dollars.
Their short-lived leaders are either on the lam, summarily dismissed or now, coaxed out of assisted living homes.
Anybody want to take bets on how long these idiots can stay afloat?
Finally figured it out! TGFD is:
1. A former UBS guy who got whacked which means he worked in the back office somewhere and thinks he’s an insider by posting to DB
2. Ultra conservative dbag from the south
3. An inbred retard who thinks he’s witty
TGFD we love to hate you!
Joe Biden??
Gggggeeerrrrrrrrrrmans!
too german, didn’t nut shave
too german, didn’t nut shave
UBS compeltely sucks… they are worthless. i hate that shit hole
What a miserable fucking company. Miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable, miserable fucking company.
Its always the same shit; something like this Dear Underlings work hard so we can return to profits, so that we the executives can payourselves a fortune, and fuck it all up again. Fucking finance managers are the scum of the earth.
Should have read
Running out of Nazi Gold and people trying to hide money from the tax man.
Back to work!
work hard till we fire you. bullet in the back of the head. it won’t hurt. the days of ubs as the leading european investment bank are over, the brain drain will continue.
People who were shown the door were given a lame speech that blamed the economy and the fact that it didn’t turnaround as expected. (Nothing about UBS being the biggest Euro loser in the subprime meltdown. Nothing about their deferred prosecution with the Dept. of Justice.) Those being chopped were told that if the economy cooperates, they could be hired back. What a lovely day it would be to tell those Nazi sympathizers to go screw themselves.
No worries. UBS is just acting out the Lebensraum policies that they’ve had on their books since the 30′s. They were waiting for the right climate to sweep in and implement those policies.
This will forever be called “the months of the long knives”
Just don’t take a shower while your are at any UBS office – it could be fatal.
“despite its current problems, UBS has proven strengths that will enable it to ascend back into the top rank of financial institutions”
“We are positioned to win” – Vikula/Citi
What substance needs to be abused to speak like this?
All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy.
Swiss, Germans, all the same. Stomping all over your a$$ with jack boots.
I love the implicit threat/ out clause:
…if you do not lose courage…
if they go down, then:
“I guess our employees lost their courage”
nice.