UBS called on Hollywood photographer Annie Leibovitz to turn around its image
Now, it is pinning its hopes on sinking an undisclosed amount of cash on hiring famous Hollywood photographer Annie Leibovitz to shoot a global ad campaign.
In May this year, UBS said it will pay $545 million (£352 million) to settle allegations over the manipulation of the currency markets and the London Interbank Offered Rate (Libor) to several US authorities. It has also had to battle the fact that its former employee Kweku Adoboli lost the bank £1.5 billion ($2.3 billion) in 2011 through rogue trading activity.
On top of that, it is trying to distance itself on from an ongoing court case involving Tom Hayes, the former trader that is allegedly the "ringmaster" behind the Libor fixing scandal from 2012. In court, he said he told the Serious Fraud Office on two separate occasions that the senior management at his former employers UBS were aware and told staff to manipulate rates.
So it's less than surprising that UBS has had to bring out the big guns in turning the group's public reputation around.
"The brand campaign is an expression of the successful strategic transformation UBS has undergone over the past four years," said Sergio P. Ermotti, Group Chief Executive Officer in a statement. "Reflecting the strategic transformation through our branding gives us additional momentum."
UBS said in a press release it is hoping that Leibovitz will help give the bank a "contemporary look and feel." It is the company's first global brand campaign since 2009.
Leibovitz will focus on "portraits of women who effect positive change" and will result in a London exhibition next year. UBS will also present "behind-the-scenes footage online offering glimpses of how the celebrated photographer works and gains insight into her subjects."
This is an example of one of the pieces of creative in the new UBS campaign:
Leibovitz is famous for her portrait shots of famous women in Hollywood and films. Most recently, she was responsible for the near internet-breaking image of Caitlyn Jenner on the cover of Vanity Fair:
Since 2007, she has also shot a number of famous actresses in recreations of famous Disney films for Disney Parks.
"Annie Leibovitz is known for her ability to understand and capture the deepest parts of her subjects' personality. It is this same personal insight that UBS brings to our work with clients," said Johan Jervøe, global group chief marketing officer in a statement. "Her photography is a perfect embodiment of UBS's new direction - bold, visionary, and human - and we are thrilled to have her take part in our new brand launch."
Here in 2013, Jennifer Hudson posed for Leibovitz as Tiana from "The Princess and the Frog" in Patterson, New York:
Here she is on set of the new Star Wars film "Star Wars: The Force Awakens," photographing actor Adam Driver:
UBS would not tell Business Insider about how much it is spending on Leibovitz's services alone. The company has also hired three Publicis marketing and PR agencies to work on the campaign: Poke, Publicis Blueprint, and Publicis London.
A spokesperson said in a statement: "Like other investments, UBS will not be disclosing the cost of the brand campaign. Also, like any other investments, the costs have been evaluated based on the expected returns."
The spokesperson did add, however, "it would be correct to say that it is a multi-million pound campaign."
But one assumes a Leibovitz shoot would be rather pricey. The Financial Times said people spent around $3 million for purchasing one of her master sets of photos previously.