UBS Will No Longer Slash Expenses "Like A Jewish Shopkeeper"***

Carsten Kengeter, who finds inspiration in interesting places, has left the building (and been replaced by a Bear Stearns alum).

Dear Colleagues,

Following the successful transfer of our Non-Core portfolio assets into the Corporate Center earlier this year, Carsten Kengeter will be leaving UBS after a short transition. He will continue to provide advice to UBS on the wind-down of the Non-Core portfolio over the coming months.

I want to thank Carsten for his many contributions to UBS during his four years with UBS, including his three years as CEO of the Investment Bank, and I wish him the best for his future endeavors.

I am pleased to announce that Sam Molinaro will take on the role of head of Non-Core and Legacy Portfolio, with immediate effect, reporting directly to me. Sam joined UBS in March 2012 as COO of the Investment Bank and was most recently COO of Non-Core and legacy portfolio.

Sam brings extensive industry experience from his time at Bear Stearns where he was CFO and then COO. Before joining UBS he worked on several advisory roles and was CEO and Chairman of Braver Stern Securities. He was instrumental in the set-up and transfer of the Non-Core unit at UBS and I am confident that, with his appointment, we will continue the effective execution of our strategy in this area.

Please join me in congratulating Sam and wishing him every success in his new role.

Yours,
Sergio P. Ermotti

Related: Was That Wrong? Should Carsten Kengeter Not Have Done That?
***Earlier today I received a call from Simon Wiesenthal asking me to clarify whether or not I condoned Carsten Kengeter's anti-Semitic comment. Pretty sure that the fact that I've written that Carsten likely spends his money on limited editions of Mein Kampf, and otherwise relentlessly mocked him for the "Jewish shopkeepers" statement since he made it, suggests that I do not condone what he said but to be clear: I do not! Thanks and have a great day.