Extra $19bn write-down for UBS
Swiss bank battered by sub-prime aftershock to the tune of $19m forcing chairman Marcel Ospel to hand in his notice
UBS has suffered another write-down of $19bn (£9.6bn), the bank has
disclsoed.
This latest aftershock of the sub-prime upheaval cost chairman Marcel Ospel
his job, as he agreed to step down later this year,
the
FT reported.
UBS is Europe’s biggest victim of the US mortgage issues after taking an
$18bn hit last year.
Further reading:
UBS
shareholders want audit of controls