Here's a copy of a memo new UBS chairman Kasper Villiger sent to staff earlier this week.

'Dear colleagues

Last Wednesday at UBS's annual general meeting I was elected Chairman of the Board of Directors by our shareholders. In assuming this post I am well aware that I have taken on a great responsibility. I also know that UBS continues to find itself in a difficult situation. No one is certain how the markets will develop. Past mistakes have shaken the trust of investors, clients and public authorities, as well as Swiss citizens. The state aid the bank has received has exposed it to the competing interests of politics. We have not yet been able to return to profitability, and many of you feel insecure. But these are problems that can be conquered.

I considered long and hard whether I should take on this demanding job as Chairman. In fact, I had already overcome enough thorny situations in my professional career and was completely satisfied with the memberships on the board of directors for two global corporations that I had accepted since my retirement from the Swiss government. There were three reasons that I decided to undertake this huge challenge:

· First, it is vital to the entire country, the financial sector and the economy for UBS to return to success. The effort needed to achieve this is worth it.

· Second, despite its current problems, UBS has proven strengths that will enable it to ascend back into the top rank of financial institutions.

· Third, you as employees, under the leadership of Oswald J. Grübel, are completely capable of bringing about the turnaround if you do not lose courage in the face of setbacks and continue giving your all.

I know that such words will ring hollow to many of you, especially those of you who fear for your job because of our unavoidable restructuring. Unfortunately, the measures we are taking are inescapable if the bank is to work its way out of the trough it is in. The alternatives were even more painful. That is something we have to understand. But I assure you that we are committed to making even the painful decisions as responsibly as possible.

I urge you to keep up your fighting spirit. We can win back the trust of all our stakeholders by conducting ourselves in a competent, responsible and proper manner and by serving our clients skillfully and tirelessly. Despite the adversities we face, I look forward to tackling this assignment together with Oswald J. Grübel and all of you. And I know that the entire Board is equally motivated behind me.

I'm counting on you!'.

Source - Dealbreaker

Reader Comments

1. 'I am so pleased that Kaspar was spoilt for choice on the job front. As he says, I fear for my own at UBS! As a motivational message, this really stinks!!'.

2. 'Not that this is really about me, but I, I, I, I'. Am I the only one to find this insulting ?'.

3. 'This guy sounds like my grandfather - stuck in a time warp!'.

4. ' Great leaders know that leadership begins with the pronoun 'we'.

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