New Year, New U(BS)

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Oh, you thought simply stopping the ass-bleeding of clients was UBS's only New Year's Resolution? You thought wrong, ladies. You're looking at a whole new UBS. One that doesn't *just* evade taxes, but one that does so with honor. Full memo after the jump, for now, my favorite part:

Each and every one of you creates the new UBS identity through your actions. Every day you make many important decisions. You have the entrepreneurial freedom to do so, and you should use it. The values that guide our efforts are truth, clarity and performance. Specifically, this means:
- We behave with respect and integrity. We are accurate, realistic and accountable. We always act fairly and abide by the law.
- We make it easy to do business with UBS. We are concise, precise and to the point. We are reliable and consistent.
- We always give our best. We will perform to the highest professional standards. We will lead the market through superior service and execution.

Dear colleagues,
I hope the New Year brings you health, optimism and personal happiness. Exciting times lie ahead of us. Our vision is to make UBS the choice of clients worldwide. It's time now for us to turn that vision into reality.
Our business is built on strong relationships based on mutual respect for our clients, our shareholders and our business environment in general. Close, strong relationships are essential to understanding what motivates our clients, recognizing their needs and offering them the right solutions. This is what the new UBS must stand for. If we accomplish this, we will continually create added value.
On Investor Day in November, we made it clear that we intend to build on our strengths. We are going to concentrate on wealthy private investors throughout the world, international and Swiss corporate and institutional clients, and the Swiss domestic business. In addition, we want to be a leading bank in growth markets. UBS cannot be everything to everyone everywhere. But we can be among the best in those areas where we've placed our priorities. We will rigorously adhere to our strategic principles of reputation, integration and execution. It's now up to us to go forward and diligently implement this strategy.
As you all know, our reputation, along with trust in the new UBS, is our most valuable asset. For this reason, the Board of Directors and the Executive Board have established a Code of Business Conduct and Ethics. This code describes in detail the principles and regulations that we must abide by. What has happened over the past few years must no longer be possible. You will receive your copy of the code in the next few days.
Going forward, we will support our client advisors more systematically so that they have direct access to UBS's entire range of products and services. This is the only way that we can make our services and expertise easily available to our clients. For this purpose, the new Investment Products Services (IPS) unit will bring together product experts from the business divisions whose knowledge extends from the development stage through sales support to execution. We will announce the details concerning IPS in the coming weeks. It will enable UBS to meet client needs more rapidly, directly and systematically so that the bank becomes an even stronger partner in every respect.
Doing our work to our utmost ability, executing client orders perfectly and delivering excellent client service must be our passion. This requires having the best-qualified management as well as experts in the right places. Our centralized Human Resources organization will contribute greatly in this regard, whether through our Business University, our compensation system or our succession planning.
Each and every one of you creates the new UBS identity through your actions. Every day you make many important decisions. You have the entrepreneurial freedom to do so, and you should use it.
The values that guide our efforts are truth, clarity and performance. Specifically, this means:
- We behave with respect and integrity. We are accurate, realistic and accountable. We always act fairly and abide by the law.
- We make it easy to do business with UBS. We are concise, precise and to the point. We are reliable and consistent.
- We always give our best. We will perform to the highest professional standards. We will lead the market through superior service and execution.
Our new identity must be spread throughout UBS and become second nature to us. I know that this won't happen overnight. Starting immediately, however, we will begin measuring ourselves against these principles. Thus the identity of the new UBS must be visible and discernible as soon as possible. I am counting on your commitment.
All business division managers are to press ahead with implementing our identity in workshops, and we will delve deeper into the topic at the upcoming Managing Director conferences. Our values will have a direct impact on your daily business, and they will lead to further changes.
The quicker we put our principles and values into practice on a daily basis, the quicker we will see their positive influence on our business. Clients will reward our efforts with their trust, which will help boost asset inflows and expand our business. It is my firm conviction that in a competitive financial environment, the successful companies are those that provide clients with genuine service and performance. A lot of companies promise these values, but only a handful can deliver them in a disciplined and consistent manner. This gap between talk and execution offers us a major opportunity.
I would like to remind you of our immediate business priorities at the start of this year. In Wealth Management it is imperative that we stop the outflow of assets and increase the inflow. Although one-off effects such as tax amnesties are unavoidable, we ourselves must not give clients any reason to leave the bank. Our clients expect us to actively approach them and speak with them regularly. Where we are already doing this, we are acquiring new clients and winning back old ones more successfully. We need to see more of this.
In Investment Banking we have to raise our profitability considerably and concentrate on our client business. The restructuring of our fixed-income business is an urgent priority that we are currently working intensively on. I am happy to report that we are being sought out for many large, global transactions, which is highly motivating for us. In Asset Management our top priority is to generate consistently good gains for our clients. We have made significant progress in this area as well.
We have everything it takes to improve even more. To maximize this potential, we will change the way we operate and manage our business. Each of us must be open to this change and ready take on responsibility. No one has any reason to stand on the sidelines waiting.
Now let's get to work and put our plans into action.
I'm looking forward to doing so and thank you for your effort and commitment.
Yours,
Oswald J. Grübel

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UBS Concerned With The Company Some Of Its Employees Keep

The following is a (not at all comprehensive) list of things that UBS could legitimately be embarrassed about: - Losing so much money that a rogue trader's $2billion loss barely registered above 'meh' on the Do We Care scale - Awarding 4-figure bonuses to managing directors - Employing a guy who "implored bankers to make a more concerted effort to streamline the firm and likened the strategy to slashing expenses like a 'Jewish shopkeeper'" - Having their entire healthcare team decide Jeffereies is a better place to work - Being scammed by a bunch of ops guys - Pulling a reverse Field of Dreams and spending all the money it didn't have to build a 103,000-square-foot trading floor, in a 700,000-square-foot building, that no one wants to work on - Getting no respect from the people of Stamford, who'd prefer "a nice big Costco" move into the space - Having to distribute a step-by-step guide re: how to tie a tie And yet, rather than feel some measure of humiliation about, for instance, the PowerPoint admission that their grown men employees don't know how to dress themselves or taking the time to send out a memo that reads "Subject: Hey, Body: Stop losing so much fucking money!", the bank's execs are going with this: ...Robert Wolf, a top UBS executive in New York, is among President Obama’s leading fund-raisers, building more than $500,000 for his re-election so far this year. A regular presence at big campaign fund-raisers, Mr. Wolf, who is 50, golfs and vacations with Mr. Obama and is known for e-mailing friends photos of himself with the president. While such a close relationship might have been envied by other bankers in 2008, when much of Wall Street was infatuated with Mr. Obama and donated heavily to his presidential bid, it has been making other UBS executives uneasy of late...With media reports pointing out that one of the bank’s top executives is also one of the Obama campaign’s top bundlers — a word that one UBS executive said “makes people’s hair stand on end” inside the bank — the Swiss banking giant has decided to take an unusual step. The bank’s powerful group executive board in Zurich recently presented Mr. Wolf with an edict directing him to report all his media inquiries to the firm’s press office. Since then, most of the requests to speak to Mr. Wolf have been rejected, according to people briefed on the situation, resulting in a much dimmer limelight for Mr. Wolf...“You will clear any and all communications with the press as far in advance as possible,” the directive to Mr. Wolf read. “With respect to activities outside UBS you will, on a best-efforts basis, keep corporate communications informed.” Bosses Reign In Banker Who Golfs With Obama [Dealbook]