Forever.
Zurich/Basel, September 24, 2011, 12:00 AM
Leadership change at UBS
The UBS Board of Directors has accepted today the decision of Group CEO Oswald J. Grübel to resign from the bank.
The Board of Directors asked Sergio P. Ermotti to take up the position of Group CEO on an interim basis. The appointment will take effect immediately.
UBS’s Chairman Kaspar Villiger said: “The Board regrets Oswald Grübel’s decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorized trading incident. It is testimony to his uncompromising principles and integrity. During his tenure, he achieved an impressive turnaround and strengthened UBS fundamentally. He steps down having helped make UBS one of the world’s best capitalized banks. On behalf of the Board of Directors, I extend my heartfelt gratitude to him for everything he has done for UBS.”
Kaspar Villiger continued: “I would like to thank Sergio Ermotti for taking over the interim leadership of UBS. With his extensive industry experience and together with the executive leadership team he will continue to implement UBS’s strategic alignment.”
The Board of Directors will continue the ongoing internal and external evaluation process to find a permanent successor as Group CEO.
The Board is deeply disappointed by the recent loss arising from unauthorized trading. It will fully support the independent investigation and will ensure that mitigating measures are implemented to prevent such an incident from recurring.
The Board also held its regular discussions about the firm’s strategy. It reconfirmed the Group’s integrated strategy, with its wealth management, investment bank, asset management and Swiss retail and corporate businesses as essential and complementary pillars of UBS’s unique client franchise. The Board of Directors has asked the Group Executive Board to accelerate the implementation of the Investment Bank’s client-centric strategy, concentrating on advisory, capital markets, and client flow and solutions businesses. This strategy is consistent with the industry’s changing capital requirements and will lead to a reduction in complexity. It will also help to ensure that UBS delivers the best-quality risk-adjusted returns for shareholders.
Kaspar Villiger said: “We are committed to further expanding our already leading global wealth management franchise. The Investment Bank will continue to strengthen its alignment with UBS’s wealth management businesses, in addition to serving its corporate, sovereign and other institutional clients. In the future, the Investment Bank will be less complex, carry less risk and use less capital to produce reliable returns and contribute more optimally to UBS’s overall objectives.”
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Oswald Grübel sucks
- UBS
Please also fire Karsten, he is a douchebag.
-UBS
Grubel & Wollensky
Will Sergio "UBS Sucks" Leone be making any more spaghetti westerns featuring Clint Eastwood?
- Guy wondering whether UBS won't suck at making C grade movies with poor dialog and over the top acting.
Poor Bess, having to work the weekend.
"continue to implement UBS’s strategic alignment" – PepBoys does a pretty good job of alignment. On my Honda.
- UBS BSD
Os,
We're always looking for a few good men.
-Primerica Head of Recruiting, who would politely request that you bring a list of no less than 10 family members/friends/dupes that we can harass until they file a restraining order.
Somebody shit on the coats
UBS sucks.
Sheesh, I guess UBS really does stand for
Unemployed
By
September
The worst part or it all is the fact that I had to hand in the keys to the coporate Civic and the executive BSD crash pad in Weehawken!
UBS could trully suck-start a leafblower!
-Ozzy "finanly" Grewballs
Maybe I should open a Chipotle.
- Oswald Gruebel
After seeing how he increased their sales so drastically, Honda poached him. Real talk. This has nothing to do with Kweku.
Sounds like Dealbreaker is getting another commentator!
Like Al Michaels or Joe Buck?
- AIG "Commentator" analyst
He's driving his 'Lude hatchback off into the sunset…never to be seen again. What a badass.
- UBS MD
Hey give me a call….you can fuck up more my old shitty company made of bad banks, crappy Countrywide, and awesome Merrill (which is our bitch)
So its another Star Trek Movie…….
You know what the sad thing is? We're all going to lose perspective and forget about his legitimate years.
And Carsten"…….
UBS and BofA need to merge to survive…
Good riddance! Now get rid of Carsten and Daula too.
She's working for the week.
Of all the funny jokes you could have made, you posted this?
If there's ever a time for the "I would never use the term "LOL" but if I did…" tag, this is it
Random guy named Sergio as the head of a Swiss bank is not what Hitler had in mind.
sucks
Sorry we do not allow franchising, but I'm sure Dominio's does.
-CMG
Hope he sends us a postcard from one of his retirement retreats.
Hitler was, of course, not swiss, nor did he speak highly of them by all accounts.
This UBS thing is the equivalent of Britney's Vegas wedding and quickie divorce.
Train wreck. Spectacle. Gawk and point.
There isn't enough Toblerone on the planet to soothe this pain.
No, Artie Lange.
Who moved my cheese?
- Gruebel
I can finally say it now…UBS sucks
The Board regrets Oswald Grübel’s decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorized trading incident.
OR
2Days ago: UBS CEO Refuses to resign and says he has the board's support.
If you cant even fucking make up your mind, how can you run a bank. UBS SUCKS
I just want to say that I had that Sergio Leone in the back of my cab once.
Come on. Remember the legitimate years.
- Guest who thinks that line may be past it's expiry date now.
No. "Once upon a time in UBS" (c) 1968 Paramount Pictures
Also, we do not hire illegal aliens
-CMG
HAHAHHAAAHAHHAHHAHAHA
I once got an interview at UBS and was promptly turned down because I tried to lecture them on the true value of gold and silver. And then I grabbed the interviewer's tits.