After Losses, UBS Ousts Its Chief
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n a surprise move, the Swiss bank UBS said that its chief executive, Peter A. Wuffli, would be succeeded by his deputy, Marcel Rohner, effective immediately.
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The countryâs banking regulator is planning to find out how UBS racked up $10 billion in write-downs related to the subprime lending problems in the United States. âWe have to look how the situation got so farâ into a loss, a spokesman for the Federal Banking Commission, Alain Bichsel, said. âItâs our job.â On Dec. 10, UBS announced the largest subprime write-downs by any European bank and said it would raise $16.8 billion to improve its financial strength. Mr. Bichsel said that the bankâs response to the losses was âvery goodâ and that UBS would not face an âinvestigation in the legal sense.â There is no evidence of any wrongdoing by UBS, Europeâs largest bank by assets, he added. A spokesman for UBS, Serge Steiner, declined to comment.
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Citigroup Inc. , the financial services giant, said yesterday that it was removing three senior executives in the wake of a banking scandal in Japan.
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Luc Vandevelde resigned as chairman of Carrefour SA in a shakeup that followed the disclosure that two new shareholders had acquired a nearly 10 percent stake in the world's second largest supermarket retailer.
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The head of German bank SachsenLB, which was stricken by losses linked to investments in US subprime home loans, has resigned, the bank said on Thursday.
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Swiss certification and inspection group Societe Generale de Surveillance (SGS) said its chief executive, Werner Pluss, had resigned for health reasons barely three months after taking the job.
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JP Morgan Chase &amp; Co. on Tuesday shuffled top management at the firm which led to chief financial officer Dina Dublon resigning from the Wall Street giant and investment banking chairman David Coulter being reassigned to control West Coast operations.
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Danish hi-fi company Bang & Olufsen sacks its chief executive after it reported a sharp fall in profits.
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UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically scaling down its exposure to risky investments.
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Swiss banking giant UBS said on Thursday it had suffered a net loss of 4.4 billion Swiss francs (4.0 billion dollars, 2.7 billion euros) in 2007 after losing billions in the US mortgage crisis.
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UBS (NYSE:UBS) led European shares on a roller-coaster ride on Thursday when growing fears that losses at ailing bond insurers would pummell the banking sector capped the worst yet January for European stock markets.
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Paul M. Tellier, president and chief executive of Bombardier, the troubled Canadian aircraft maker, was unexpectedly ousted from his post Monday and quickly replaced by a three
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UBS , the biggest European  casualty of the U.S. subprime crisis, said it was shrinking its  investment banking business, cutting staff and drastically  scaling down its exposure to risky investments.
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Bear Stearns Cos. Inc.  on  Friday replaced the head of its asset management business after  two of the investment bank&#39;s hedge funds hit rock bottom by  making bad bets on risky mortgages.
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The former head of the World Bank Paul Wolfowitz, who resigned in a row about his companion's promotion, said on Monday he had been forced to quit because emotions at the organization had become "overheated".
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The deterioration in the U.S. mortgage market forced the departures of two top executives at HSBC Holdings.
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The president of troubled retailer Daiei announced his resignation Friday, two days after he was forced by lenders to seek a government bailout.