UBS Brokers Are Apologizing Again For Sins Of Firm

Pointing The Finger

The UBS army of U.S. brokers are being asked to apologize once again for the sins of their big European parent.

Reuters reports that following the Swiss bank's admission on Wednesday morning that it would pay $1.5bn for fraud, bribery and rigging the London Interbank Offered Rate, the firm's 7,000 U.S. brokers and branch managers received an e-mail from their boss with a message for clients and potential recruits.

'Many of you have asked me what I will say to clients, prospects, recruits, family and friends who ask about the Libor settlement and its impact on me and WMA', wrote Bob Mulholland, head of wealth management and investment solutions at UBS Wealth Management Americas.

'Here are the main points I will use in these conversations'.

He followed with six bullet points that progressed from a quick apology.

Hit the link below to access the complete Reuters article:

UBS brokers to U.S. clients: Libor isn't our fault

U.S. fines Deutsche Bank unit for inflating trade data

Merrill client prevails against top Seattle broker

image: © Lisamarie Babik

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