Peter Wuffli
Encyclopedia
Dr.
Peter A. Wuffli (born 26 October 1957 in Zürich
) was appointed President of the Group Executive Board of UBS AG
in December 2001 and Group Chief Executive Officer in September 2003. Previously, he was Chairman and CEO of UBS Asset Management and, before that, UBS AG
Group Chief Financial Officer.
From 1994 to 1998, he was the Chief Financial Officer
at SBC
and a member of SBC's Group Executive Board in Basel
. There he met Marcel Ospel
, and together they rose to top positions with the new UBS AG
after the 1998 merger.
In 1984, he joined McKinsey & Co as management consultant and in 1990 became a partner of McKinsey Switzerland's senior management. He started his professional life, while studying at University of St. Gallen
, writing about economics for the Neue Zürcher Zeitung
.
He is a Swiss citizen and a graduate of the University of St. Gallen (1981, doctorate 1984) and the Wharton School of the University of Pennsylvania
(1989). He and his wife Susanna have three children. His hobby is opera, and he is said to enjoy taking "dips into ordinary life".
His father Heinz R. Wuffli was General Director of Credit Suisse
from 1967 to 1977, when he resigned due to his involvement in the Chiasso
affair.
Wuffli stepped down as CEO of UBS AG
on 6 July 2007. He was replaced by Marcel Rohner
, former deputy CEO and Chairman and CEO of Global Wealth Management & Business Banking.
He is a Board member of the Zurich Opera House
, member of the Executive Committee of the Institute of International Finance
Inc, Washington DC, member of the Executive Committee and Vice Chairman of the Board of IMD International Institute for Management Development
in Lausanne and Vice Chairman of the Swiss-American Chamber of Commerce
in Zurich
.
He was president of the Friends of the FDP (Freunde der FDP) association http://www.fdp.ch/page/content/index.asp?Menu=2&Item=1.5.6.9&ID=24016&ConID=24016&View=, founded 2004 to support the Swiss FDP political party, which he has been a member of since his youth.
were rising, on average, by 21 percent.
Doctor (title)
Doctor, as a title, originates from the Latin word of the same spelling and meaning. The word is originally an agentive noun of the Latin verb docēre . It has been used as an honored academic title for over a millennium in Europe, where it dates back to the rise of the university. This use spread...
Peter A. Wuffli (born 26 October 1957 in Zürich
Zürich
Zurich is the largest city in Switzerland and the capital of the canton of Zurich. It is located in central Switzerland at the northwestern tip of Lake Zurich...
) was appointed President of the Group Executive Board of UBS AG
UBS AG
UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
in December 2001 and Group Chief Executive Officer in September 2003. Previously, he was Chairman and CEO of UBS Asset Management and, before that, UBS AG
UBS AG
UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
Group Chief Financial Officer.
From 1994 to 1998, he was the Chief Financial Officer
Chief financial officer
The chief financial officer or Chief financial and operating officer is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management...
at SBC
Swiss Bank Corporation
Swiss Bank Corporation was a large integrated financial services company located in Switzerland...
and a member of SBC's Group Executive Board in Basel
Basel
Basel or Basle In the national languages of Switzerland the city is also known as Bâle , Basilea and Basilea is Switzerland's third most populous city with about 166,000 inhabitants. Located where the Swiss, French and German borders meet, Basel also has suburbs in France and Germany...
. There he met Marcel Ospel
Marcel Ospel
Marcel Louis Ospel was a former Chairman of the Board of Directors of UBS AG, the largest bank in Switzerland.Marcel Ospel had an income in 2005 of around 24 million CHF....
, and together they rose to top positions with the new UBS AG
UBS AG
UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
after the 1998 merger.
In 1984, he joined McKinsey & Co as management consultant and in 1990 became a partner of McKinsey Switzerland's senior management. He started his professional life, while studying at University of St. Gallen
University of St. Gallen
The University of St. Gallen is a public research university located in St. Gallen, Switzerland. It is specialized in the fields of business administration, economics, law, and international affairs. The University of St. Gallen is also known as HSG, which is an abbreviation of its former German...
, writing about economics for the Neue Zürcher Zeitung
Neue Zürcher Zeitung
The Neue Zürcher Zeitung is a major German language Swiss daily newspaper based in Zurich.One of the oldest newspapers still published, it originally appeared as Zürcher Zeitung, edited by Salomon Gessner, from January 12, 1780, and was renamed to Neue Zürcher Zeitung in 1821...
.
He is a Swiss citizen and a graduate of the University of St. Gallen (1981, doctorate 1984) and the Wharton School of the University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
(1989). He and his wife Susanna have three children. His hobby is opera, and he is said to enjoy taking "dips into ordinary life".
His father Heinz R. Wuffli was General Director of Credit Suisse
Credit Suisse
The Credit Suisse Group AG is a Swiss multinational financial services company headquartered in Zurich, with more than 250 branches in Switzerland and operations in more than 50 countries.-History:...
from 1967 to 1977, when he resigned due to his involvement in the Chiasso
Chiasso
Chiasso is a municipality in the district of Mendrisio in the canton of Ticino in Switzerland.As the southernmost of Switzerland's municipalities, Chiasso is located at the border with Italy, in front of Ponte Chiasso...
affair.
Wuffli stepped down as CEO of UBS AG
UBS AG
UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
on 6 July 2007. He was replaced by Marcel Rohner
Marcel Rohner (banker)
Marcel Rohner is a Swiss businessman. He was Group Chief Executive Officer at UBS AG from July 6, 2007 until 26 February 2009, and on the Group Executive Board from October 2007 until his resignation.-Biography:...
, former deputy CEO and Chairman and CEO of Global Wealth Management & Business Banking.
Other engagements
In December 2006 Wuffli and his wife founded The Elea Foundation for Ethics in Globalization.He is a Board member of the Zurich Opera House
Zurich Opera House
Opernhaus Zürich is an opera house in the Swiss city of Zurich. It has been the home of the Zurich Opera since 1891.- History :...
, member of the Executive Committee of the Institute of International Finance
Institute of International Finance
The Institute of International Finance, Inc. is the world's only global association of financial institutions. It was created by 38 banks of leading industrialised countries in 1983 in response to the international debt crisis of the early 1980s...
Inc, Washington DC, member of the Executive Committee and Vice Chairman of the Board of IMD International Institute for Management Development
International Institute for Management Development
IMD - International Institute for Management Development is a non profit business school located in Lausanne, Switzerland.- History & Mission :...
in Lausanne and Vice Chairman of the Swiss-American Chamber of Commerce
Chamber of commerce
A chamber of commerce is a form of business network, e.g., a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to advocate on behalf of the business community...
in Zurich
Zürich
Zurich is the largest city in Switzerland and the capital of the canton of Zurich. It is located in central Switzerland at the northwestern tip of Lake Zurich...
.
He was president of the Friends of the FDP (Freunde der FDP) association http://www.fdp.ch/page/content/index.asp?Menu=2&Item=1.5.6.9&ID=24016&ConID=24016&View=, founded 2004 to support the Swiss FDP political party, which he has been a member of since his youth.
Quotes
He announced that executive salaries at UBS AGUBS AG
UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
were rising, on average, by 21 percent.
- "UBS recognizes that very serious mistakes were made."
–after UBS AGUBS AGUBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
was fined on May 10, 2004, $100 million by the U.S. Federal Reserve for illegally transferring dollars from a Fed deposit – an account set up by the Fed in a commercial bank – at UBS AGUBS AGUBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
to IranIranIran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
, CubaCubaThe Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
and other countries under a U.S. trade embargo. http://www.businessweek.com/magazine/content/04_23/b3886192.htm
- "I understand that many ask critical questions about whether high profits and job cuts are justifiable. I do not get a bad conscience about that, I am pleased about UBS's success."
–in an interview with the weekly SonntagsZeitung, 2004
- "A banker is, naturally, not liked." ("Ein Banker ist von Natur aus nicht beliebt.")
–in an interview with the weekly Weltwoche 16/03
- "I am proud of what I do and I am proud if we have successes."
–in an interview with SwissinfoSwissinfoswissinfo is a nine-language news and information platform produced by SRG SSR, the Swiss public broadcasting corporation. Its content is Swiss-centred, with top priority given to in-depth information on politics, the economy, the arts, science, education and tourism. Switzerland's international...
November 7, 2002
- "We do have an erosion of confidence and I think if you go back in history every bubble has basically led to abuses, to fraud, to unethical behaviour and we’re seeing the same."
–in an interview with SwissinfoSwissinfoswissinfo is a nine-language news and information platform produced by SRG SSR, the Swiss public broadcasting corporation. Its content is Swiss-centred, with top priority given to in-depth information on politics, the economy, the arts, science, education and tourism. Switzerland's international...
, November 7, 2002
- "The question is: whom do you compare an executive with? Traditionally an executive is compared with a fixed wage employee. ... We should ... compare them much more with entrepreneurs than with fixed-wage salaries."
–in an interview with SwissinfoSwissinfoswissinfo is a nine-language news and information platform produced by SRG SSR, the Swiss public broadcasting corporation. Its content is Swiss-centred, with top priority given to in-depth information on politics, the economy, the arts, science, education and tourism. Switzerland's international...
, November 7, 2002
- "A company is only as ethical as its people."