Message from the new Group CEO:
Dear colleagues,
Today's announcement of my appointment as new UBS Group CEO may have come as a surprise to many of you. It is a clear signal of the Board's willingness to take action and move ahead.
Apart from ten years with Deutsche Bank, I spent virtually my entire career with Credit Suisse - a company which is competing with UBS but shares your commitment to a strong Swiss financial center. This is how I would like you to read my well considered decision to take this unusual step. You can be assured of my unconditional loyalty and my full determination to put all of my efforts into rebuilding our fascinating company.
Our primary goal will be to regain the trust of our clients and other stakeholders. In order to achieve this, it will be fundamental that we also have faith in ourselves as well as in each other. I am extremely impressed with the fighting spirit and the great dedication you have shown in light of the extraordinary events UBS has been through. I trust the company can continue to rely on your unwavering commitment. In the coming months, more than ever, it will be essential that we demonstrate our ability to perform and that we earn respect, recognition and trust. This is true for all of us, and it is only by making a joint effort that we can achieve this goal.
The second goal is to restore financial health to UBS. The most important element of this is to maintain and strengthen our capital base through earnings. To achieve this, we will have to continue to adapt the business model to the changing environment, return to an adequate profit level in the Investment Bank as well as further enhance profitability in other areas. Given the current business climate in many of our markets, further substantial cost reductions will be inevitable. I also ask you to support this goal.
In every field of activity, we will attach the utmost importance to the risks inherent to the banking business. This does not only involve deploying our capital responsibly and diligently by assessing profit and loss potential in a foresighted way but also protecting ourselves against reputational risks. It is indispensable that we strictly comply with all laws and regulations in every business area and market in which we operate.
Open and honest communication, without being overly optimistic or pessimistic, is important to me. You can take this for granted when working with me directly or indirectly.
My personal goals are to ensure UBS returns to success and to help recreate the company in which you all work with the pride and joy that is highly recognized by our clients and that generates value for our shareholders. I very much look forward to working with you in order to achieve these goals.
Yours sincerely, Oswald J. Grübel Group Chief Executive Officer
