Switzerland’s 437-year-old Wolfsberg castle has welcomed the likes of Alexandre Dumas and Franz Liszt. In September, UBS AG Chief Executive Officer Sergio Ermotti gathered the bank’s top executives there for dinner.
UBS AG, Switzerland’s biggest bank, boosted its profitability goal and announced plans for about 10,000 job cuts as Chief Executive Officer Sergio Ermotti moved to shrink the investment bank and focus on wealth management.
As 1,100 managing directors from Barclays Capital descended on the Grosvenor House hotel near London’s Hyde Park in late September, they had more to celebrate than having successfully swallowed the North American unit of Lehman Brothers Holdings Inc. two years earlier. Their guy, Bob Diamond , the Massachusetts-born founder of Barclays Capital, had just been handed the top job at parent Barclays Plc in a sign of how he had transformed the 320-year-old British institution in his 14 years as investment bank chief, Bloomberg Markets magazine reports in its January issue.