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Comment received from a Union Bank of Switzerland insider about the ‘Americanization’ of UBS (Shell CFO Peter Voser is a director of UBS)

April 10th, 2008 06:47

Commenting as a long-term UBS employee, I can tell you the Americanization was not greeted without strong resistance within the bank. Disappointingly however, the US business units quickly gained an unassailable level of political power thanks to the massive, but risky profits they were able to make. Anyone who stood in their way did not survive long within the bank. And trust me, questions were raised strongly within the European divisions until there were few left with the courage to stand up. The risk was blindingly obvious for a long long time, but there was simply too much money being made and regulatory staff raising concerns learned rather quickly to shut their mouths. Personally, I believe the US divisions should be ruthlessly cut and UBS should return to a more trustworthy and honorable path, but the fact is, EU and APAC staff will suffer significantly in any layoffs (in fact they have already) as the US teams use this as an opportunity to to consolidate their power through token local layoffs and targeted EU dismissals.

Anon (for obvious reasons)

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