UBS needs to restore credibilityFriday, 27 February, 2009
It was a rough 2008 for Switzerland’s biggest bank,UBS, and 2009 has started off just as rocky. After posting the biggest losses in Swiss history last year, the bank was pushed by the U.S. government to turn over the names of some of its clients. The bank secrecy controversy hasn’t gone away as the U.S. seeks thousands of more names from the bank, alleging UBS helped wealthy Americans avoid paying taxes.And now the banking giant is replacing its CEO for the third time in less than two years.
For insight into the move, reporter Alex Helmick spoke to Stewart Hamilton from the IMD business school in Lausanne. Hamilton is the author of the book “Greed and Corporate Failure: The Lessons from Recent Disasters.”
He started by asking about CEO Marcel Rohner resigning and being replaced by Oswald Grübel, former head at Credit Suisse—a chief rival to UBS.