Current Situation
On Wednesday, September 14th 2011, Oswald Gurbel, Chief Executive Office of UBS AG, sat in his office drinking his morning coffee. He was pondering the upcoming layoffs facing UBS: 3,500 employees for a savings of $2 billion. Grubel had instituted this measure to bring fiscal strength back to the UBS brand. Grubel was brought in as CEO in 2009 to repair the damage sustained by UBS during the financial crisis. During 2007-2008, UBS was forced to write off $37 ...
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