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 the 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 or in
- 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 worry the suggestion its employees have been wearing clip-ons reflects poorly on the institution 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 devoting their energy to this:
Dealing with a higher-up who's been spending a little too much time with a Commie prez.
...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]