Magazine

Table: Turning Around UBS


NOT LONG AGO, UBS LOOKED TROUBLED...

-- Uncertainty over commitment to investment banking was sapping morale at UBS Warburg

-- Key asset-management operations were losing clients and market share

-- Soaring costs were slicing profits

-- Conflicts between the chairman and the president were roiling management

...BUT THE PICTURE IS MUCH BRIGHTER NOW...

-- Board decided to keep investment banking

-- Acquisition of PaineWebber buttressed both UBS Warburg and asset management

-- Firm cost and risk-management controls introduced

-- Appointment of new president defused tension

...YET CHALLENGES REMAIN

-- Switching from growth-by-acquisition to organic expansion

-- Plugging investment-banking gaps

-- Pushing the UBS brand name more energetically


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