President Barack Obama’s embattled Swiss banker bundler and frequent golf companion has parted ways with UBS.
Robert Wolf, an executive at Switzerland’s largest bank, came under fire from executives when his $500,000 fundraising efforts on behalf of Obama came to light in June. He announced his departure in an email to friends and colleagues on Thursday.
"I have truly enjoyed my 18 years at UBS and the opportunity to work closely with so many talented and dedicated colleagues. I have been fortunate to build strong, lasting personal and professional friendships, and it has been an honor to serve the firm’s clients to the best of my ability. While I am excited about this next phase of my career and establishing my own firm, I am also pleased to remain engaged with UBS and continue contributing to the company’s growth and progress," said Robert.
Wolf held many executive leadership positions in nearly two decades with the firm, including president of investment banking and chairman of the firm’s Diversity and Community Affairs Committee.
The Obama campaign has made frequent attacks on Republican opponent Mitt Romney for maintaining bank accounts in countries like Switzerland. Obama released an ad in Ohio, Virginia, and Iowa titled "Swiss Bank Account."
"He's still pushing tax breaks for companies that ship jobs overseas. It’s just what you expect from a guy who had a Swiss Bank Account," the ad said.
Wolf plans to open his own consulting shop and plans to maintain ties to UBS.