An internal memo from UBS Chief Executive Oswald Gruebel to employees said that the rebuilding of the company’s reputation was a crucial goal in the months and years to come, according to Reuters. Gruebel said in the memo today that the recent fight between UBS and Swiss and United States government officials over the privacy of its banking clients’ account information has badly damaged the company’s reputation. “Our results have indeed improved and certain progress has been recognized, but our reputation is still damaged,” said Gruebel. UBS recently agreed to deliver the names of about 4,450 of its American clients to tax authorities as a response to queries of tax evasion.
UBS CEO Says Reputation Needs Fixing
The new UBS chief executive claims that the mending of the Swiss bank’s reputation should be a priority going forward.
September 8, 2009