Скачать или смотреть UBS's Stand In CEO: Trading Scandal Setback For Client Trust

Sergio Ermotti, the interim chief executive officer of UBS (NYSE:UBS) says the scandal over the $2.3 billion rogue trading loss is a "severe setback" to the Swiss bank's efforts to reclaim trust in clients.

In a memo to the staff, Ermotti said "After the shock of the first few days, we must now summon our collective strength to demonstrate what UBS stands for."

He also recommended the staff on Wednesday not to allow the incident to define the bank and weaken its achievements under Gruebel.

Under Gruebel's two and a half leadership at UBS, the company recovered from massive subprime losses and a humiliating U.S. tax evasion case.

UBS (NYSE:UBS) has a potential upside of 49.2% based on a current price of $11.9 and an average consensus analyst price target of $17.75.