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Robert Wolf, the chairman of UBS in the Americas, is leaving the Swiss bank and is starting his own consulting and advisory firm, Deal Journal reports citing an internal memo. “I have truly enjoyed my 18 years at UBS and the opportunity to work closely with so many talented and dedicated colleagues. I have been fortunate to build strong, lasting personal and professional friendships, and it has been an honour to serve the firm’s clients to the best of my ability. While I am excited about this next phase of my career and establishing my own firm, I am also pleased to remain engaged with UBS and continue contributing to the company’s growth and progress,” Wolf said in a memo posted on Deal Journal.
Wolf has a reputation on The Street for being a friend of President Obama.
The bank exec and the President have even vacationed together and have also played basketball and golf together.
Last month, the New York Times’ Susanne Craig reported that Wolf’s close ties to Obama was making some UBSers uncomfortable given the tougher regulatory environment on financial services that the President’s administration has been pushing for.
According to the NYTimes’ report, Wolf was given an edict to direct all media inquires to UBS’s press office.
At that time, Wolf had also raised more than $500,000 for Obama’s re-election campaign this year, according to the NYTimes.
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