Sacrifice at UBS
Press reports in Singapore over the weekend were sympathetic to the individual as he had been dragged out of retirement for a second time as a Mr Fixit, and to catch the blame for an existing sin seems a little hard. Some might think a reprinted article from the New York Times a little waspish, but perhaps that's just for balance.
Agency reports say that Mr Gruebel had the UBS board's unanimous support to stay on as CEO, but his demands that UBS remains a "universal" bank and that the board should be overhauled would seemed to have caused the final separation. Interesting times and it's not surprising that Mr Gruebel called it a day.
Reports suggest that UBS's EMEA CEO will take the hot seat temporarily, he will have been closer to the London events, no doubt. We wish him luck, and if we might be so bold, we'd suggest that he look to the very basics in the trading rooms and where standards in counterparty confirmation practice are inadequate, install and enforce them. Be brave, we can't see that other institutions would object after recent events.
One piece of success for UBS over the weekend; as a sponsor of the F1 Singapore GP, it presided over a cracking race. Viel gluck auch, the expected tropical storm politely waited until the middle of the night before drenching the island.