Former president of the under- fire investment bank says the company should be restructured
Accountancy Age, 04 Apr 2008
Luqman Arnold has called for UBS to be broken up in the wake of its sub-prime woes.
In a six-page letter to UBS vice-chairman Sergio Marchionne, the former president of the investment bank pushed for a shake-up of corporate governance and called on the board to flog its asset management arm and separate its investment bank and private banking units.
Luqman was ousted from UBS in 2001 and led a failed bid for Northern Rock earlier this year.
UBS is the biggest European casualty of the credit crunch after posting an additional write-down of $19bn (£9.6bn) this week. The bank has now weathered a total write-down of $37.1bn to date.
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