Ergo, we must do something to entice them to stay. I'm not saying evade taxes faster, Grübel
needs a new pony. But I'm not not saying it.

UBS AG's chief executive told staff Monday halting the bleeding of assets from its wealthy client division is "imperative," according to a memorandum on ethics provided by the Swiss bank. "Although one-off effects such as tax amnesties are unavoidable, we ourselves must not give clients any reason to leave the bank," Oswald Gruebel says in the memo.

Gruebel, a former Credit Suisse Group CEO, has used regular memorandums to address staff since he was installed as head of UBS last February. Monday's e-mailed memo is devoted to detailing a new code of conduct and ethics for UBS' private bankers.
"What has happened over the past few years must no longer be possible," Gruebel says in the memo.