Our vision is to be the choice of clients worldwide. The guiding principles behind our ambitions characterize the way we work together and the promises that we make to our clients that shape how we will be perceived.

In June/July 2012, we conducted a group-wide survey to get employees’ views on how well we are living up to our principles, achieving our strategy and providing an environment where employees can succeed.

Globally, more than 39,000 employees participated and the results conveyed an overall positive picture of the firm, especially around client focus (with an 80% positive rating). UBS outperformed a benchmark of more than 50 banks, mutual fund companies and insurers in overall satisfaction with the firm as a place to work and with regard to opportunities for challenging and interesting work.

Notably, our employees appreciate the high quality of our solutions and services, as well as the value we place on cross-business collaboration. Employees also are highly motivated to contribute in their jobs beyond what is expected, even more than our competitors. Positive feedback on measures of respect and recognition likewise were encouraging, as they are essential for effective cooperation and they positively affect client service and sustainable results.

However, the pride in the firm expressed by the survey respondents did not meet our expectations, and we are working to strengthen our employees’ trust and confidence. We also have increased our focus on communicating our strategy consistently and on a regular basis, starting with the announcement in October of the acceleration of our strategy implementation. We also are addressing feedback on our talent management and recruiting processes as well as suggestions of ways to increase efficiency.

In the months since the survey was conducted, our Group Executive Board and the heads of our business divisions and functions have agreed on specific action plans to reinforce our strengths and address the most significant areas of perceived weakness. Going forward, targeted “check-in” surveys will help us measure progress and keep us on track as we continue to build our corporate culture.