A report says bank UBS has put an indefinite stop to all advertising in the wake of last week’s revelation that a rogue trader lost more than $2 billion (SFr1.75 billion).
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According to the Swiss media news website, Klein Report, the decision was taken due to the negative publicity.
Peter Hartmeier, head of corporate communications at UBS Switzerland, told Klein Report that advertising the company’s services “based on trust and expertise” made no sense before all the facts into the case had come to light.
Hartmeier told the website that UBS had no plans at the moment to launch a publicity campaign to improve its image in face of the debacle.
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Over the past few years, UBS has garnered a lot of negative press. Extraordinary general assemblies and public protests have been occuring with increasing frequency.
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