Oswald Gruebel, the former Credit Suisse man called out of retirement to restore the fortunes of UBS, appears to be committing the Swiss bank to a return of the contentious “one-bank” model, closely integrating private and investment banking.
Oswald Gruebel, the former Credit Suisse man called out of retirement to restore the fortunes of UBS, appears to be committing the Swiss bank to a return of the contentious “one-bank” model, closely integrating private and investment banking.
Gruebel, chief executive of the bank, said in a company memo that a “comprehensive turnaround programme” will be disclosed when it announces second-quarter earnings on August 4.
Under the restructuring Gruebel said, “we will combine our wealth management and Swiss banking businesses with the global expertise of our investment bank and our institutional asset management.”
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That contrasts strongly with the strategy of former chairman Peter Kurer and CEO Marcel Ospel, at the height of criticism last August over its disastrous performance and the writeoff of $50 billion of illiquid securities, to retreat from the one-bank approach.
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