UBS has overhauled its management structure as it tries to recover from losses linked to the sub-prime crisis.
The Swiss bank, which has been the biggest European casualty of the credit crunch, is devolving many of the chairman's duties and responsibilities.
Four of UBS's 12 board members will step down in the firm's second shake-up since last October.
But the move failed to reassure investors, with shares falling as much as 6.3% to a 10-year low.
The Swiss bank's reputation for financial prudence has been recently damaged by the sub-prime crisis which has seen it make losses of more than $37bn (£18.6bn).
The firm made an $11bn loss in the first three months of 2008 and it is the process of cutting 5,500 jobs.
Analysts said that there has been a large amount of market speculation that UBS will announce more writedowns for the second quarter. More...
See also: Like the UBS, the Credit Suisse suffers heavy losses...
And this: Swiss bank UBS in crisis...
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