UBS CEO Resigns

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Following the scandal that caused Swiss bank UBS $2.3 billion, CEO Oswald J. Grübel has resigned. In a memo to employees, Grübel says, "I did not take the step of resigning lightly."

In the memo, Grübel includes a pep talk for employees:

"As I've always emphasized, a lot of work remains to be done here. So don't let recent events distract you from your work. Continue giving your all and keep your focus on your clients. I am certain that UBS can carve out a strong place for itself within the fundamentally changing financial industry."

This memo follows a previous communication to employees, in which Grübel explained the incident and wrote, "Ultimately, the buck stops with me."

Discussion Starters:

  • Who are Grübel's primary and secondary audiences for this memo?
  • What would you identify as Grübel's goals of this message?
  • In your opinion, to what extent did he achieve these goals?