UBS piles on misery with City job losses

UBS has been the worst-hit European bank by the credit crunch after its late charge into structured credit backfired. It has taken charges of $37bn (18.6bn) and announced a SFr15bn (7.5bn) rights issue. The turmoil has cost the jobs of Mr [Marcel Rohner]'s predecessor, Peter Wuffli, and Marcel...

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Bibliographic Details
Published inIndependent (London, England : 1986)
Main Author Sean Farrell Financial Editor
Format Newspaper Article
LanguageEnglish
Published London (UK) Independent Digital News & Media 18.04.2008
Subjects
Rohner, Marcel
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Summary:UBS has been the worst-hit European bank by the credit crunch after its late charge into structured credit backfired. It has taken charges of $37bn (18.6bn) and announced a SFr15bn (7.5bn) rights issue. The turmoil has cost the jobs of Mr [Marcel Rohner]'s predecessor, Peter Wuffli, and Marcel Ospel, the bank's chairman. UBS is also under pressure from its former president, Luqman Arnold, whose Olivant investment company is trying to use its 0.7 per cent stake in the bank to oppose the appointment of Peter Kurer, UBS's general counsel, to replace Mr Ospel as chairman.
ISSN:0951-9467