Posted by Stephanie Startz on October 29, 2009 09:36 AM
Now that Robert McCann is officially free from his contract with Merrill Lynch, UBS has announced his formal placement as head of UBS’ wealth management in the America’s. His first order of business was shooting down rumors that he intended to rebrand the fraught financial giant as PaineWebber.
McCann acknowledged that reviving the PaineWebber brand would prove too costly; his faith remains in the value and benefit of UBS’s global brand. "I never discussed the PaineWebber brand as part of any negotiations… I think the UBS brand is much richer and broader." How ever did that pesky rumor circulate?
Still UBS’ brand remains tarnished. Interbrand’s 2009 Best Global Brands report saw UBS’ Brand Value slide 50%, taking into consideration brand revenue, brand earnings, and a measure of brand strength. Clients have fled from the companies’ wealth management unit following a tax evasion inquiry from the US federal government.Continue reading...
best global brands
Posted by Stephanie Startz on September 18, 2009 12:30 PM
While 2009 was rough for many brands, none lost more ground in Interbrand's Best Global Brands study this year than UBS, down 50% in Brand Value, an index that factors in brand revenue, brand earnings, and a measure of brand strength. (To be fair, Citigroup's decline of 49% is about as steep.)
So, should UBS drop its name and revive "Paine Webber"? Has "UBS" become the ValuJet of finance?
CNBC's Charlie Gasparino and The Business Insider's John Carney both expect the beleaguered Swiss bank to rebrand. Each has suggested that if former Merrill Lynch brokerage chief Robert McCann convinces a court to let him break his non-compete agreement with former employer Bank of America to head UBS's brokerage unit, he will rename it Paine Webber, the retired name of the stock brokerage and asset management firm UBS aquired in 2000. Initially, the merged conglomerate was called "UBS PaineWebber"; in 2003 "Paine Webber" was dropped in place of "UBS Wealth Management USA." Continue reading...