Beleaguered Swiss bank UBS has been hit by shareholders with a demand for a
special audit into how the bank got bogged down in the sub-prime quagmire.
At an EGM yesterday shareholder activist group Ethos requested an audit into
the risk management systems of the bank, which were reputed to be among the best
in the financial industry.
‘The enormous number of writedowns prove that control mechanisms have not
worked properly,’ said Ethos head Dominique Biedermann.
Over the past year, UBS incurred $18bn (£9m) in charges over disastrous
sub-prime investments. Investors also fear fresh writedowns could emerge after
the bank revealed that its exposure to risky US investments in residential
mortgages were higher than previously thought.
Shareholders approved a request from chairman Marcel Ospel for a
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016