Crybabies at UBS

Discussion in 'Wall St. News' started by MandelbrotSet, Jul 8, 2008.



    Employees of embattled UBS have seen better days in its 150-year history as a top Swiss investment bank, but at least some might be able to boast an extra day off soon.

    Apparently all the negative news surrounding UBS has been a real morale killer internally. That has led its chairman, Marcel Rohner. to give a pep talk, via memo, to its staffers over the weekend granting an extra day off to most of their lower-level employees.

    "The situation we find ourselves in today does not reflect UBS' success story over the last decade," Rohner writes in his memo. "Our business and reputation have been hit hard in the recent months. But we are taking significant actions to restore confidence and get back on track. We are a resilient firm," the note continues.

    The bonus day is meant to commemorate the firm's merger of Union Bank of Switzerland with Swiss Bank Corp. a decade ago. Somewhat ironically, UBS' shares fell 4.3 percent to 21.44 Swiss francs yesterday - its lowest level since its merger back on June 29, 1998 - on a string of fresh bad news.

    Yesterday, prosecutors asked a federal judge in Florida to issue a summons that would require UBS to turn over its US taxpayer account information. The news - certain to spook its secrecy-loving clients - comes as the Department of Justice steps up its probe of allegations that UBS has helped wealthy individuals evade taxes.

    A UBS spokeswoman declined to comment.
    News Article
  2. They're handing out bonus vacation days now instead of year-end cash bonuses I see.
  3. mokwit


    Getting them used to the idea of spending more time at home............
  4. LOL :D
  5. They didn't tell yo the best part. When it was at its worse, the firm had an internal call where they said they would run 1800 commercial spots.

    That's why you see all the commercials.

    Sometimes you don't need to be a CFA or Technical Guru. Sometimes, you just need to tell the difference between chicken salad and chicken shit.
  6. There's You & Us.

    You Buy Us.