Yesterday’s ouster of UBS CEO Marcel Rohner may not be the end of the changes in the executive suite of the battered Swiss banking giant.
Sources tell The Post that a mutiny is brewing within UBS’ investment-banking unit, where a growing number of the bank’s senior bankers are directing their anger and frustration at Jerker Johansson, head of the unit.
Johansson has been rumored to be on his way out as UBS’ board looks to clean house. However, UBS has denied rumors that Johansson is leaving the firm.
Rohner, who had previously announced his plan to retire, stepped down officially yesterday. He was replaced by ex-Credit Suisse boss Oswald Grubel.
At the heart of the bankers’ beef is a belief that Johansson has not shown leadership as the company suffers from writedowns, missteps and p.r. nightmares.
About a week ago, Johansson hosted a conference call to address some of the unrest within the bank. However, the conversation devolved into a shouting match as some bankers blamed Johansson for their lack of bonuses and for the once-vaunted investment-banking franchise’s tarnished image.
“Johansson got very defensive,” telling staffers on the call that he was “doing the best I can,” said one source.
Said a UBS spokeswoman, “This is not an unusual occurrence after earnings. A robust and healthy debate in town halls, conference calls, and smaller groups is encouraged among senior management.”
Johansson, a veteran banker who joined UBS after 22 years at Morgan Stanley, has overseen some radical changes at the firm’s investment-banking unit, which accounted for the lion’s share of some $6.9 billion in losses in the fourth quarter.
After a year of retrenching, the bank is a fraction of what it used to be, with UBS having curtailed its fixed-income operations and cutting thousands of jobs. Some senior staffers have seen their bonuses reduced by 80 percent.