It has been a rough couple of years for the folks at UBS. Switzerland’s answer to Citigroup hasn’t seen a profit in years and will likely rack up another loss for 2009. Having seen its profits and investment banking headcount surge during the credit bubble, the firm has been hemorrhaging people almost as fast as money for the past several years. But even with massive cuts and routine management changes, UBS has still not been able to stop the bleeding.
This week the firm received another kick in the teeth seeing BAC surpass it as the world’s #1 wealth manager. With each passing quarter, those discussions with private banking clients about being the “most powerful two-person financial firm in the world” have to be getting ever more painful. With Swiss regulators watching the firm’s every move, the golden era of secret bank accounts coming to an end, and new lawsuits by the day, UBS is quickly running out of lifelines free of Credit Suisse.
Gruebel Isn’t Saying How Cutting 40% of UBS Can Help Earnings [Bloomberg]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
I know his lips are moving, but all I hear is ANUS, ANUS, ANUS
[a steaming pile of dogshit on a well manicured lawn]
hey greg glad you could make it in today!
Is There Any Way To Save ANUS?
Greg ba ba ba BLANUS!
Oh Greg, you old sage, you.
UBS is toast. I suspect they will merge it with Credit Suisse.
Credit Suisse is on shaky ground, too.
Guy at Credit Suisse Houston
UBS will merge with Citi to form the biggest pile of stinging shit this side of Uranus.
Greg is toast. I suspect they will merge it with Donkey Anus.
UBS sucks
as if the Bofa-ML merger had nothing to do with UBS losing the top spot in US PWM?
It amazes me that so many banks made so many mistakes for such a long time and survived this long. bye bye
It amazes me that so many banks made so many mistakes for such a long time and survived this long. bye bye