Robert Wolf, 50, is the banker we're talking about.  He's a a top UBS exec in New York, and is one of President Obama's leading fund-raisers - so far this year, he's built up more than $500K for Obama's re-election. Wolf has a close relationship with the Country's Chief Executive, playing golf and vacationing with Mr. Obama.  He's also fond of e-mailing photos of himself with the president to friends and others. That's So 2008. While it was highly in vogue to hob-nob with Obama and to donate heavily to his first presidential bid, it's 2012 and Mr. Wolf single-mindedness for Obama has been making other UBS executives uneasy of late.  Most other relationships with financial executives have decidedly chilled-off, especially after Mr. Obama's critical comments about bankers and the administration's ringing endorsement for the Volcker Rule. He's Also A Top 'Bundler.'  What's Wrong With That? Apparently the word "Bundler" - as in being one of the Obama campaign's top bundlers - has a deleterious effect on people at UBS.  According to one executive, it "makes people's hair stand on end."  Needless to say, the Swiss banking giant has decided to take an action.

[C-I Defining Moment. "Bundlers" are people with friends in high places who, after bumping against personal contribution limits, turn to those friends, associates, and, well, anyone who's willing to give, and deliver the checks to the candidate in one big "bundle."  Even though these donors direct more money to the candidates than anyone else, disclosure can be spotty, as was the case in the 2008 presidential election.]

The UBS Executive Board in Zurich recently presented Mr. Wolf with an edict directing him to report all his media inquiries to the firm's press office.  Since then, most of the requests to speak to Mr. Wolf have been rejected, according to people briefed on the situation.  Apparently, Mr. Wolf now is sporting a "quieter" schedule.  But the edict is unlikely to impact Wolf's ability to raise money, even if he may have to do it more quietly than before. Driven by Office Politics. UBS's dealings with Wolf may have more to do with office politics than national politics.  After a series of setbacks, including a $2 billion loss blamed on a rogue trader in London, the bank is struggling to turn itself around.  Several executives, including Robert McCann, have been jockeying for a bigger role in running the bank - and Mr. McCann was successful in recently being elevated, while Mr. Wolf lost some responsibilities.  McCann is chief executive of UBS in the Americas, and Wolf is chairman of the Americas.  They don't get along. One reason may be that Wolf has become a public face of UBS in the U.S., even though McCann - a former Merrill Lynch executive - now outranks him.  Mr. McCann's anger over Mr. Wolf's public image reportedly has been brewing for months.  In late March, McCann fired off an e-mail to several of people at UBS regarding what responsibilities Mr. Wolf should have. Recipients were surprised to find details of Mr. Wolf's compensation at the bottom of the message.  The e-mail showed that the executive made a base salary of $900K, though his overall compensation exceeds $5 million. The tension within the bank boiled over after Mr. Wolf found himself profiled in a number of media reports. The Wall Street Journal in April called him "A 'Fat Cat' with the President's Ear." To continue reading, go to:   [Dealbook, 6/20/12].