UBS stops all advertising campaigns
In light of the billion-dollar debacle in London, UBS has suspended its advertising and print campaigns worldwide that were handled by the advertising agency Publicis. All TV commercials and print ads have been put on hold.
The stop initially applies for the next one to two weeks. This was confirmed by the UBS media office at the request of the Sonntag newspaper. After that, it will be decided whether the entire advertising offensive will be postponed, discontinued or resumed.
The reason for the suspension is the bad news situation. It makes no sense to run a commercial advertising campaign aimed at building trust and competence if, at the same time, research is published on a case that has not yet been illuminated in all its details, as Peter Hartmeier, head of corporate communications at UBS Switzerland, told the media newsletter Klein Report. Subsequently, the advertising phase could then begin again.
Hartmeier could not say on Monday how long the advertising will be suspended. The decision was made when the 2.3 billion debacle in London became known. UBS had startled investors and the public on Thursday with a profit warning. Due to unauthorized speculation by a trader in London, there may be a loss in the current third quarter. In total, the trader gambled away 2.3 billion dollars. He is in custody.
