Ospel’s surprise departure
Chris Hughes on the Marcel Ospel’s departure of UBS, following a massive writedown
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UBS has written off $37bn of US mortgage-related loans, raised $27bn from investors and now lost its chairman. What next for Switzerland’s largest bank?
Top UBS banker detained by US
One of the most senior private bankers at UBS, the world’s leading wealth manager, has been detained by authorities in the US investigating whether the Swiss bank helped its American clients evade tax
UBS to shed a further 2,600 bankers
The Swiss lender is to cut 2,600 more investment banking jobs after subprime losses, part of a package to reduce its workforce by about 5,500 by the middle of next year
BlackRock to buy UBS debt
The US asset manager will pay the Swiss bank $15bn for a portfolio of subprime mortgage debt in a move indicating that the worst may be over in the credit markets
UBS warns of more job cuts
The biggest European casualty of the US subprime crisis plans further reductions in investment banking as it continues to pull back from proprietary trading
UBS details subprime losses
UBSadmitted half of the $18.7bn writedowns it suffered last year on US subprime securities had stemmed from the decision by traders in its investment banking division to hold, rather than repackage and sell, one particular category of security linked to US residential mortgages
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Comment and Analysis
A good name sliced, diced and traded
The fact that UBS lost $37bn in less than a year is an indictment of Marcel Ospel himself, not just of a bunch of deluded traders and ineffectual executives in the US, writes John Gapper. It took 13 years for the flaw to become painfully obvious, but it was there right from the start
Lessons from UBS
Distorted pay structures, boardroom ignorance of potentially dangerous positions and inadequate risk controls have become common in the banking industry
Corroded to the core: How a staid Swiss bank let ambitions lead it into folly
UBS is trying to pick up the pieces after weak controls and erratic management allowed it to become Europe’s biggest casualty of the current credit crisis
Large-scale action needed to tackle credit crisis
Only large-scale, unorthodox intervention by the public authorities will help stabilise the more pressing problems, says George Magnus
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