UBS has quietly buried a five-year program to bolster business with women less than two years in by deferring it to its various regions, finews.asia has learned. What is behind the surprising move?
No less than Anna Wintour turned up for UBS: The long-standing editor of «Vogue» rubbed shoulders with UBS banker Tom Naratil as well as designer Tori Burch and Wendi Murdoch, ex-wife of News Corp. mogul Rupert Murdoch, at an exhibition of Annie Leibovitz photographs sponsored by the bank.
The glittering New York event in 2016 was the highlight in a global tour for Leibovitz’s portraits of notable women ranging from Queen Elizabeth to Las Vegas showgirls. The exhibit culminated in Zurich, where the famed photographer was snapped with Martin Blessing – the German banker and Naratil today control UBS’ $2.3 trillion private bank.
The link to Leibovitz and the rich and famous was designed to underscore UBS’ push with women under a lavish five-year plan dubbed Unique.
Five-Year vs 19-Month
Spearheaded by ultra-rich private banker Mara Harvey (pictured below), UBS said it wanted to win share in a market the bank expects to grow to $18 trillion by 2021, from $13 trillion currently. Women are increasingly controlling large sums if money, the bank said.
Nineteen months later, little is left of the glittering beginnings.
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