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WHAT WESAID ABOUT UBS'S U.S. AMBITIONS

机译:关于瑞银美国雄心的说法

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It was a different era for investment banks in general and UBS in particular. The big Swiss bank had spent $12.5 billion the previous yearto buy PaineWebber and bulk up its U.S. presence. Now the bank was "hell-bent on forging an American investment banking powerhouse," we said in 'Taking on America," Our article cited then-president Luqman Arnold declaring UBS's objective as nothing less than becoming one of the top five investment banks in the U.S., and quoted then-chairman Marcel Ospel as saying the group's U.S. bankers "will enjoy the level of autonomy they need to operate successfully." "If UBS fails," we concluded, "it won't be for lack of money." Seven years later the bill has come in, and it is steep. UBS has taken $37 billion in write-downs on U.S. mortgage-backed assets and other securities in recent months, replaced Ospel with lawyer Peter Kurer as chairman and vowed to reduce risk-taking at its investment bank - all of this under pressure from Arnold, whose Olivant Advisors has taken a stake in UBS and demanded a change in strategy to focus mainly on wealth management.
机译:对于一般的投资银行,尤其是瑞银,这是一个不同的时代。这家瑞士大型银行去年斥资125亿美元收购PaineWebber,并扩大了其在美国的业务。现在,该行“在打造美国投资银行业强国方面屈指可数”,我们的文章援引当时的总统卢克曼·阿诺德(Luqman Arnold)宣布,瑞银的目标无非是成为瑞银五大投资银行之一。美国,并引用当时的主席马塞尔·奥斯佩尔(Marcel Ospel)的话说,该组织的美国银行家“将享有成功运作所需的自主权。”“如果瑞银失败,”我们总结道,“这不是因为缺乏资金。 “七年后该法案付诸实施,而且十分艰巨。最近几个月,瑞银减记了370亿美元的美国抵押贷款支持资产和其他证券,并由律师彼得·库勒(Peter Kurer)取代奥斯佩尔,并誓言要降低风险在其投资银行采取的所有措施都受到了阿诺德(Arnold)的压力,阿诺德(Arnold)的Olivant Advisors已购买了瑞银(UBS)的股份,并要求改变策略,主要集中于财富管理。

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