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Old 24.09.2011, 13:54
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Swiss banking giant UBS announced on Saturday that chief executive Oswald Gruübel has handed in his resignation, which was accepted by the board of directors.

Read the full article: UBS says CEO Oswald Grübel resigns
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Old 24.09.2011, 14:48
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Re: UBS says CEO Oswald Grübel resigns

http://www.derbund.ch/wirtschaft/unt...story/14359137

http://www.20min.ch/finance/dossier/...lsche-12770625
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Old 24.09.2011, 15:24
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Re: UBS says CEO Oswald Grübel resigns

REM breaks up , UBS down the toilet. What a week
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Old 24.09.2011, 16:06
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Re: UBS says CEO Oswald Grübel resigns

(Reuters) - The following is the text of the letter to UBS staff from Oswald Gruebel, whose resignation as Chief Executive of the Swiss bank was announced on Saturday.
Dear colleagues,
I have handed in my resignation as CEO to the Board of Directors today. That it was possible for one of our traders in London to inflict a multi-billion loss on our bank through unauthorized trading shocked me, as it did everyone else, deeply.
This incident has worldwide repercussions, including political ones. I did not take the step of resigning lightly. I am convinced that it is in the best interests of UBS to approach the future with a new leader at the top.
The precise circumstances that led to the loss are being investigated by an independent body. Many questions remain open, and it is vital that they are cleared up in a comprehensive way. What is certain is that, as CEO, I bear full responsibility for what occurs at UBS.
From my first day on the job I placed the reputation of the bank above all else. That is why I want to and must act according to my convictions. I hope my resignation makes it possible for our clients, our investors and the public to return their attention more quickly to the quality and strengths of our bank.
We achieved a great deal together in the past two-and-a-half years. The bank's core businesses are well positioned in every important market, and we enjoy strong relationships with our clients.
The loss represents a significant setback in our efforts to rebuild trust in our bank. However, you should have no doubt about the fundamental strengths of UBS. Because of you, the bank has made sustainable progress, which is something you can take pride in.
As I've always emphasized, a lot of work remains to be done here. So don't let recent events distract you from your work. Continue giving your all and keep your focus on your clients.
I am certain that UBS can carve out a strong place for itself within the fundamentally changing financial industry.
I want to extend you my sincere thanks for your strong commitment and support during my tenure. It was a privilege to be your CEO. I wish you and UBS only the best in the future.
Yours,
Oswald J. Gruebel
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Old 25.09.2011, 10:38
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Re: UBS says CEO Oswald Grübel resigns

Strange business when you consider the alleged illegal activities allegedly began 1 year before Grübel joined UBS
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Old 25.09.2011, 10:45
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Re: UBS says CEO Oswald Grübel resigns

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Strange business when you consider the alleged illegal activities allegedly began 1 year before Grübel joined UBS
But they did not incur any losses, the losses are very recent.
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Old 25.09.2011, 10:55
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Re: UBS says CEO Oswald Grübel resigns

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But they did not incur any reported losses, the losses are very recent.
Fixed that for you
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Old 25.09.2011, 11:27
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Re: UBS says CEO Oswald Grübel resigns

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Strange business when you consider the alleged illegal activities allegedly began 1 year before Grübel joined UBS
you mean not spotting an ongoing fraud for 3 years is not such a crime?
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Old 25.09.2011, 11:29
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Re: UBS says CEO Oswald Grübel resigns

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Swiss banking giant UBS announced on Saturday that the board of directors has terminated the chief executive Oswald Gruübel.
fixed it there, the way it really happened...
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Old 25.09.2011, 17:34
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Re: UBS says CEO Oswald Grübel resigns

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(Reuters) - The following is the text of the letter to UBS staff from Oswald Gruebel, whose resignation as Chief Executive of the Swiss bank was announced on Saturday.
Dear colleagues,
I have handed in my resignation as CEO to the Board of Directors today. That it was possible for one of our traders in London to inflict a multi-billion loss on our bank through unauthorized trading shocked me, as it did everyone else, deeply.
This incident has worldwide repercussions, including political ones. I did not take the step of resigning lightly. I am convinced that it is in the best interests of UBS to approach the future with a new leader at the top.
The precise circumstances that led to the loss are being investigated by an independent body. Many questions remain open, and it is vital that they are cleared up in a comprehensive way. What is certain is that, as CEO, I bear full responsibility for what occurs at UBS.
From my first day on the job I placed the reputation of the bank above all else. That is why I want to and must act according to my convictions. I hope my resignation makes it possible for our clients, our investors and the public to return their attention more quickly to the quality and strengths of our bank.
We achieved a great deal together in the past two-and-a-half years. The bank's core businesses are well positioned in every important market, and we enjoy strong relationships with our clients.
The loss represents a significant setback in our efforts to rebuild trust in our bank. However, you should have no doubt about the fundamental strengths of UBS. Because of you, the bank has made sustainable progress, which is something you can take pride in.
As I've always emphasized, a lot of work remains to be done here. So don't let recent events distract you from your work. Continue giving your all and keep your focus on your clients.
I am certain that UBS can carve out a strong place for itself within the fundamentally changing financial industry.
I want to extend you my sincere thanks for your strong commitment and support during my tenure. It was a privilege to be your CEO. I wish you and UBS only the best in the future.
Yours,
Oswald J. Gruebel
I cut and pasted this Reuters news item from one of the websites as a matter of information. Wonder what was there to groan about?
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Old 26.09.2011, 07:57
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Re: UBS says CEO Oswald Grübel resigns

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(Reuters) - The following is the text of the letter to UBS staff from Oswald Gruebel, whose resignation as Chief Executive of the Swiss bank was announced on Saturday.
Dear colleagues,
I have handed in my resignation as CEO to the Board of Directors today. That it was possible for one of our traders in London to inflict a multi-billion loss on our bank through unauthorized trading shocked me, as it did everyone else, deeply.
This incident has worldwide repercussions, including political ones. I did not take the step of resigning lightly. I am convinced that it is in the best interests of UBS to approach the future with a new leader at the top.
The precise circumstances that led to the loss are being investigated by an independent body. Many questions remain open, and it is vital that they are cleared up in a comprehensive way. What is certain is that, as CEO, I bear full responsibility for what occurs at UBS.
From my first day on the job I placed the reputation of the bank above all else. That is why I want to and must act according to my convictions. I hope my resignation makes it possible for our clients, our investors and the public to return their attention more quickly to the quality and strengths of our bank.
We achieved a great deal together in the past two-and-a-half years. The bank's core businesses are well positioned in every important market, and we enjoy strong relationships with our clients.
The loss represents a significant setback in our efforts to rebuild trust in our bank. However, you should have no doubt about the fundamental strengths of UBS. Because of you, the bank has made sustainable progress, which is something you can take pride in.
As I've always emphasized, a lot of work remains to be done here. So don't let recent events distract you from your work. Continue giving your all and keep your focus on your clients.
I am certain that UBS can carve out a strong place for itself within the fundamentally changing financial industry.
I want to extend you my sincere thanks for your strong commitment and support during my tenure. It was a privilege to be your CEO. I wish you and UBS only the best in the future.
Yours,
Oswald J. Gruebel
A very good resignation letter. But good resignation letters already were issued by outgoing CEOs of Swissair in the years before its collapse
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Old 09.10.2011, 11:35
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Re: UBS says CEO Oswald Grübel resigns

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REM breaks up , UBS down the toilet. What a week
I was so shocked I fainted into my curry.

That's me in the korma.
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Old 09.10.2011, 21:38
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Re: UBS says CEO Oswald Grübel resigns

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I was so shocked I fainted into my curry.

That's me in the korma.
Agree with your statement except that it comes in a time when Mr Grübel already is forgotten by most people. That happened surprisingly fast. He was one of those technocrats nowadays dominating the boards and managements of big companies. Personalities like Messrs Bruggisser, Moritz Suter, Corti, Jacobs stayed on in the memory of people, regardless of whether they failed or succeeded. A rare exception is Swatch, where the great personality of Nicolas Hayek got replaced by the equally rich personality of his son Nick Hayek. Another exceptional personality is Peter Spuhler who started his career as a professional icehockey player
http://de.wikipedia.org/wiki/Peter_S...28Politiker%29
- These two in real terms are neither the richest nor the most important businessmen but two real personalities. Most such folks are grey mice like Mr Grübel, who arrive in position, do business, and retire.

I cannot say anything about those musicians as I had to google them just even to know who they were/are
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Old 09.10.2011, 22:40
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Re: UBS says CEO Oswald Grübel resigns

Thanks Wollishofener, I'm glad you got the joke.
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