UBS has lost at least 50 dealmakers from its U.S. investment bank since 2009, according to a recent Bloomberg story. A recent Wall Street Journal story described infighting between bankers and the head of investment banking, Carsten Kengeter.
Gruebel bemoans the media coverage in the email obtained by CNBC, writing that “speculation may drive news” and complaining that the media “has often chosen to ignore the steady progress we have made.”
Gruebel appears to be attempting to boost morale in the division. He says the bank is “committed to making substantial investment in our existing talent and in rebuilding our teams.” That may be a reference to feelings among some UBS investment bankers that they aren’t paid as well as bankers at rival firms.
“Today, we are among the top five foreign investment banks in the US, but our ambitions go far beyond this,” Gruebel writes.
He signs off informally with his nickname: “Ossie.”