Can Marcel Rohner rescue UBS?
UBS’s chief executive was the first global bank head to tackle the impact of the credit crunch. His actions may have saved the bank. Much remains to be done. The future of the firm’s investment bank is in doubt. And so will Rohner’s own position be, if he doesn’t quickly return the bank to profit and shut the door on outflows in its wealth management franchise. Clive Horwood reports
Why Rohner left UBS
26 February 2009
|UBS chief executive Marcel Rohner|
LEADING FINANCIAL BRANDS are hard to kill. And that’s one of the few good bits of news that UBS has received over the past two years. In that time, the reputation of the three letters that for decades have stood as the safe, secure and profitable symbol of Swiss banking has been assailed from all sides. UBS has lost not only its hard-won reputation: it has also lost a chairman and a chief executive, a handful of other senior executives and a number of board members; binned a large part of an investment banking franchise; written off $49 billion of book value, and counting; sent packing $60 billion of poisoned assets to a petrified Swiss government; and waved goodbye to more than $50 billion of assets under management in its key wealth management franchise, with the prospect of an awful lot more to follow.