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UBS CEO Oswald Gruebel Can't Take London's Head Games Anymore

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Prior to the financial crisis, UBS was a highly profitable, if not tax-evading, bank. It was self-assured and knew its self-worth. The last few years, however, have taken a serious toll on the firm's confidence and you know what's not helping at all? Places like London fucking with UBS's head re: how the government feels about it. In private, when they're alone, UK officials are all, "We love you, you're the one for us" and then in public it's all, "Banks are evil! Down with banks! Sorry, whose number is this?" UBS Chief executive Oswald Grubel tried to play it cool for a while, acting like he didn't care, but he's officially hit his breaking point.

Oswald Grübel, the veteran banker who has led the Swiss bank back from the brink of collapse over the past two years, said: “The government is so quiet about [the City]. Only behind closed doors do they pay lip service to wanting to keep the City. If it is abandoned by the government one day, God help you.”

Enough is enough! Do you want UBS et al in your life or not? Grubel wants a commitment now. Not tomorrow, not in five years, now, today.

“Companies like us, who have 7,000 people in the City, have to make commitments, not from today to tomorrow, we have to make 15-year lease commitments. We would like to know where the City is going in the next few years.”

Okay so, just be straight with Os about your intentions. The guilt over stringing him along must be killing you, anyway, and, not making threats but just saying, it'd be a shame if someone had to "accidentally" pull the goalie to get you to force your hand.

UBS Chief Attacks UK On Neglect Of Banks [FT]


Bonus Watch '15: UBS CEOs

Legal charges shmegal charges.

UBS's Investment Banking Head May Have To Slash His Own Expenses "Like A Jewish Shopkeeper"

As those of you keeping up with the many trials and travails of UBS know, the last couple years have been fairly brutal for investment banking chief Carsten Kengeter. Pre-tax IBD profit was down 55 percent YoY through June, employees are constantly on his ass about getting paid, the comments he made in attempt to "rally the troops" re: "slashing expenses like a Jewish shopkeeper" were totally taken in the wrong way, some guy perpetrated a $2 billion fraud (which was partially to blame for CK getting passed over for the promotion he was gunning for), and to top it all off, the higher-ups actually accepted his offer to forgo a bonus for 2011, which he would never have put out there if he thought they'd actually go for it. And now, as a thanks for all his hard work, management is publicly mulling the idea of lightening his load and paycheck. UBS is weighing a shakeup at the top of its investment bank that would give a reduced role to Carsten Kengeter and increased responsibilities to his co-head Andrea Orcel, three people with knowledge of the matter said. The board is meeting in New York today to consider a reorganization of the unit that will include cuts centered on the fixed-income operations that Kengeter has been responsible for since 2008, said the people, who asked not to be identified before the matter is made public. An announcement may come when UBS reports third-quarter earnings on Oct. 30, they said...Three senior executives who declined to speak publicly said they expect Kengeter to leave the bank before long. A person with knowledge of Kengeter’s thinking said he doesn’t plan to go. A UBS official declined to comment. Ermotti told staff in a memo this month he’ll take “all actions necessary” to tackle the “paradigm shift” in banking and will continue “remodeling” UBS. He said in July that the market environment has completely changed since the bank announced reorganization plans for the securities unit in November. UBS May Reduce Kengeter Role in Overhaul of Investment Bank Unit [Bloomberg] Related: Was That Wrong? Should Carsten Kengeter Not Have Done That?