UBS Announces the Retirement of Senator Phil Gramm as Vice Chairman of the Investment Bank

UBS today announced that Senator Phil Gramm has retired from the bank but will continue to support the bank as a consultant.

Following a distinguished career of public service, including six years as a member of the House of Representatives and 18 years of service in the U.S. Senate, Senator Gramm joined UBS in 2003 as Vice Chairman of the Investment Bank. In this role, he served as a senior advisor to investment banking clients and worked with governments around the world on behalf of the firm.

Senator Gramm helped support clients through more than 120 major transactions, including such milestone deals as the Visa IPO, the largest IPO in American history; the Bank of China IPO, at the time, the largest bank IPO globally; the rights offering for the Industrial and Commercial Bank of China (ICBC), the largest rights offering in China; and the Telstra privatization, the largest transaction of its kind. He also helped build the UBS Office of Public Policy in Washington, D.C.

Robert Wolf, Chairman, UBS Americas and President, Investment Bank, said: "Over the years, Phil has become a great friend to me and other senior leaders at UBS. His humor, candor and keen insight will be sorely missed at our firm and in Washington. We all wish Phil our best and thank him for his years of dedicated, hardworking service to UBS.”

"Joining UBS was one of the best decisions I ever made in my life, and I have considered it a great privilege to work with the extraordinary men and women who constitute this firm,” said Senator Gramm.

Gramm added: "I will be working in a few targeted areas for the bank next year and hope to find some noble work yet to be done before I settle into my rocking chair on the front porch of Goat Cave Ranch."

Notes to Editors

UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. We combine our wealth management, investment banking and asset management businesses with our Swiss operations to deliver superior financial solutions.

UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 37% of its employees working in the Americas, 37% in Switzerland, 16% in the rest of Europe and 10% in Asia Pacific. UBS employs about 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

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