Luqman calls for UBS break-up
Former president of the under- fire investment bank says the company should be restructured
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.
Further reading:
Extra
$19bn write-down for UBS