It’s the holidays and people are supposed to send out notes, so UBS figured it would, too.
Reuters: ‘We are sorry that we have not always been able to meet your expectations in this difficult time,’ UBS said in the letter, signed by Chief Executive Marcel Rohner, Chairman Peter Kurer and Swiss wealth management head Alain Robert.
UBS, the world’s largest wealth management company in terms of assets, is struggling to rebuild its once powerful brand after massive investments into risky U.S. assets forced it to make more writedowns than any other European bank and accept government help.
It has seen billions flow from accounts over the course of this year as rattled clients seek what they perceive to be safer havens for their savings like regional state-backed banks.
The funny thing is that the bank has been sending out a lot of these “I’m sorry” notes. It seems like just last month when they sent a similarly themed one out to customers after Raoul Weil, chairman and chief executive of its global wealth management group, was indicted for conspiring to defraud the Justice Department and the Internal Revenue Service.
“In many instances we recommended these investments to clients. I am sorry that we did not get it right and, especially, that you did not have access to your money when you expected it to be available.”