LONDON (Reuters) - UBS’s investment bank has delivered on a turnaround plan unveiled three years ago but needs to continue to “refine its offering” in a changing industry landscape, the head of the business said on Tuesday.
“In the face of a quasi-perfect storm of unparalleled market uncertainty, a quantum shift in regulation, and dislocation in our market, the rules of the game continue to be repositioned, resetting the parameters against which we will be measured,” Andrea Orcel, who has run UBS’s investment bank since November 2012, told staff in a memo.
“This is the time for us to further refine our offering and maximize the opportunities presented to us,” he said in the memo, a copy of which was seen by Reuters.
“Our work isn’t finished – we need to make sure our culture is fully embedded, with the right people, and the right investment in technology – but we have done a lot of the work,” it added.
UBS, Switzerland’s biggest bank, slashed the size of its investment bank three years ago, which involved axing much of its fixed income business. Orcel said in the memo many saw that as “a precursor to us exiting” investment banking.
“But times have changed ... moves that at one time appeared radical now look like market practise,” he said in the memo, sent to staff after the bank reported third quarter results.
Reporting by Steve Slater