Sunday, 22nd November 2009

 

27 February 2009 - Press Briefing

Analysts welcome Gruebel appointment as UBS chief

Analysts have welcomed the appointment of Oswald Gruebel as UBS’ new chief executive, pointing to the banking veteran’s track record of reversing multi-billion-dollar losses at rival Credit Suisse, according to a Reuters report.

Peter Thorne, analyst at Swiss brokerage Helvea, applauded Gruebel for his “strength of character and banking knowledge”, saying he can “take charge at UBS and actually implement a strategy".

Christoph Avenarius, chief of hedge fund research at Credit Suisse, termed Gruebel “a very shrewd communicator”, adding “he is visibly in charge", as cited in the Reuters report.

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Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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