Well, that didn’t take long. Just a couple of weeks after UBS posted disappointing numbers for the third quarter, Mark Sutton is out at chief of US operations. Although the official word is that Sutton is leaving to “pursue a range of other business opportunities” it seems pretty clear that he was either forced out or shown the writing on the wall. And that writing was in Swiss, and written about gnome high.
“I know from UBS people in Zurich that they weren't very satisfied with the result of the U.S. operations,'' said Dieter Buchholz, who helps manage the equivalent of about $2.4 billion, including shares of UBS, at BNP Paribas Private Bank Switzerland in Zurich. “They didn't perform in trading, and in private banking net new money was at the very low end.''