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• Case | HBS Case Collection | March 2011 (Revised December 2019)

  Wealth Management Crisis at UBS (A)

  Paul M. Healy, George Serafeim and David Lane

  The case describes the challenges that UBS faced as a result of the U.S. Department of Justice (DOJ) investigation for tax fraud, that claimed that UBS had helped some 52,000 U.S. residents hide billions of dollars in untaxed assets in secret Swiss accounts between 2000 and 2007, depriving the U.S. Treasury of hundreds of millions of dollars in taxes. Why did this happen inside UBS? What were the incentives and the corporate governance failures that led to these events? How should the board of directors of UBS respond to the requests of the tax and regulatory authorities?

  Keywords: fraud; regulatory enforcement; Reputation incentives; crony capitalism; tax havens; legitimacy; multinational; strategic change; incentives; transparency; financial services; Taxation; Crime and Corruption; Global Range; Asset Management; Ethics; Problems and Challenges; Governing Rules, Regulations, and Reforms; Corporate Governance; Financial Services Industry; United States; Switzerland;

  Citation:

  Healy, Paul M., George Serafeim, and David Lane. "Wealth Management Crisis at UBS (A)." Harvard Business School Case 111-082, March 2011. (Revised December 2019.)  View Details

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• Case | HBS Case Collection | November 2019 (Revised December 2019)

  Marcus by Goldman Sachs

  Rory McDonald, Samir Junnarkar and David Lane

  Five years on from the 2008 financial crisis, Goldman Sachs remained wounded. Revenues at the global investment bank had stagnated below pre-crisis levels, and the firm had yet to rebound from a substantial decline in securities-trading revenues. Marcus by Goldman Sachs was one response—an effort that operated as a start-up but was sponsored by senior Goldman executives—to grow the firm’s revenues by entering consumer banking with digital-only offerings. The moved marked a dramatic cultural as well as product shift: the 150 year-old institution historically served only businesses and the wealthiest of individuals. In 2016, Marcus launched unsecured personal loans for the mass market; it rolled out high-yield deposits in 2017 and a credit card in partnership with Apple in 2019. By autumn of that year, Marcus had $5 billion in loans outstanding and $55 billion in deposits. It also faced a dilemma—ceaseless and rapid expansion had strained its people and infrastructure, yet Goldman expected Marcus to generate $1 billion in revenues in 2020. What now was the better bet, to pause to allow performance to catch up with growth, or to seize the additional opportunities that beckoned for Marcus to diversify into consumer finance products?

  Keywords: Corporate Entrepreneurship; Banks and Banking; Innovation Leadership; Growth and Development Strategy; Growth Management; Organizational Culture; Financial Services Industry; United Kingdom;

  Citation:

  McDonald, Rory, Samir Junnarkar, and David Lane. "Marcus by Goldman Sachs." Harvard Business School Case 620-005, November 2019. (Revised December 2019.)  View Details

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• Case | HBS Case Collection | October 2019 (Revised December 2019)

  Swizz Beatz

  Boris Groysberg, Annelena Lobb and Sarah Mehta

  This case explores the life and career of rapper and music producer Swizz Beatz. Set in 2019, it covers the evolution of Swizz’s musical career and his new venture into the commercial art market.

  Keywords: Entertainment; Music Entertainment; Television Entertainment; Entrepreneurship; Entertainment and Recreation Industry; Fine Arts Industry; Music Industry; United States;

  Citation:

  Groysberg, Boris, Annelena Lobb, and Sarah Mehta. "Swizz Beatz." Harvard Business School Case 420-034, October 2019. (Revised December 2019.)  View Details

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