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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Published in | Independent (London, England : 1986) |
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Main Author | |
Format | Newspaper Article |
Language | English |
Published |
London (UK)
Independent Digital News & Media
18.04.2008
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Subjects | |
Online Access | Get full text |
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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. |
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ISSN: | 0951-9467 |