UBS under attack as former head urges investment bank sale |
| AFP - Apr 4, 2008 |
Embattled Swiss banking giant UBS faced calls for its break up on Friday as its former boss called for the sale of the troubled investment banking unit and the head of its newly installed chairman.
Analysts warned however that any divestment would be a long and complicated process -- assuming that a buyer could be found for the bank which has had to own up to billions of dollars in losses due to the US subprime home loan crisis.
Luqman Arnold, who was forced out of his job in 2001 after clashes with other board members, also launched a blunt attack on what he called UBS' "ineffective corporate governance and insular culture."
On Tuesday, UBS announced new massive writedowns, taking the total damage it has suffered so far from the US subprime mortgage crisis to 37.4 billion dollars (24 billion euros).
Read Full Article from AFP
- Posted: 2008-04-04 09:08:53
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