UBS on Friday tried to rally support for its plans to raise SFr19bn ($17.2bn) in fresh capital following the US subprime crisis and warned that 2008 was “likely to be another generally difficult year.”
In a letter to shareholders, the Swiss group, one of the biggest casualties of the US subprime turmoil, sought to head off criticism of its handling of the crisis and its recourse to sovereign wealth funds for much of its new capital.
