UBS Revamp On Track But Reputation Still Dented

September 8th, 2009

Dow Jones Newswires

ZURICH–UBS AG’s (UBS) organizational and operational restructuring is on track, but the Swiss bank’s efforts to renew client trust will require long and hard work, Chief Executive Oswald Gruebel warned.

In a memo sent Tuesday to the bank’s more than 70,000 staff, Gruebel said that “returning the to profitability will only be the beginning.” He warned that “the recovery of our reputation will require hard work and relentless effort.”

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