Top Boss To Go After $12bn Q1 Loss - More Jobs Losses Likely
More in BUSINESS NEWS
back-up- Click Here To Register For Free News E-Mail Alerts
- Who's The Most Popular Member Of Staff In The Financial Markets ?
- Jamie Dimon Says Dirty Short Sellers Should Be Locked Up
- Being Made Redundant ? We Have Firms Who Might Want To Hire You
- Bonuses - Bankers Want Cash Not Stock
- I Didn't Make Goldman Partner - Your Comments
- And The Winners of Our Stock Market Challenge Are...
- Probably The Best FX Dealer In The World - Not
- How To Look Busy And Keep From Getting Fired
- Best Graduate Recruitment & Development Programme Poll
- Goldman Didn't Make Me A Partner & My Career Was Over
- Some Citi Staff May Get Stay Of Execution
- I Survived 7/7 - And I'm Still Afraid
- Trader Leaves After Mispricing Of Credit Derivatives Uncovered
- There Is No Chauvinist Conspiracy Against Women
- M&A H1 2008 - Which Firm Has Done Well Where
- European M&A League Table - H1 2008
- Is Your Firm 'In Vogue' In This Credit Crunched World ? (Updated)
- Firms Now Focus On Axing European Staff
- UBS Says It's Bad, But It Could Be Worse
- Hedgie Tried To Kill Himself By Eating His Fentanyl Patches
- What Do You Think Of Cityboy's Latest Exploits (At Glastonbury) ?
- Global Debt League Tables H1 2008
- Global Equity & Equity-Related League Tables
- Mergermarket's League Table of Legal Advisers to Global M&A
- Our Top 30 Stories Of All Time
- The Year's Most Talked About 'Office' Video (Back By Popular Demand)
- Banker Trashes Office After Learning Of Pay Cut (Back By Popular Demand)
- Top Firm Awards Mid-Year Bonus Advances In Move To Retain Key Staff
- Things Likely To Get Tougher - And Here's Why
- Mother Puts Foot Down As Hedge Fund Rogue Gives Himself Up
- Worldwide M&A League Tables - How's Your Firm Doing This Year ?
- Grasso, Moody's, Morgan Stanley, UBS, Unicredit
- Under Fire CEO Said To Have Bagged Almost Half-A-Billion
- Analyst Says Morgan Stanley May Have Been Better Off Under Purcell
- UBS Hits New Low
- Market Gossip - Cast Offs, Days Off, Silly Banker
- Vikram's Been Working Weekends Again
- UBS Said To Be Considering Unit Sale
- Decision Time At Merrill Lynch
- Jobs, Job Cuts & Bonus News
- I Lay Awake At Night Worrying About Those E-Mails
- Barclays, Deutsche, Dresdner, Fortis, Lehman, Morgan Stanley, RBS
- How Old Is Your Firm ? (Updated)
- Layoffs - The Definitive Job Loss League Table (Updated)
- Job Losses League Table (Updated)
- Featured Recruiter - Finance Professionals City
- Women Aren't Made To Get To The Top
- Goldman Sneezed
- Nak.d Banker Fires Secretary
Related Content
- Top Firm Posts First Loss In 25 Years (07/05/2008)
- Top Firm Says Job Loss Rumours Just Too High (13/04/2008)
- Report That Top Firm Looking At Posting Another Big Loss (09/06/2008)
- Top Firm Finally Releases New Job Loss Figures (05/05/2008)
- Top Firm Falls On $900m Fixed Income Loss Fears (22/05/2008)
- Top Firm Eyes Costs As Investment Banking Unit Posts $2.5bn Loss (29/04/2008)
The Swiss bank announced that chairman Marcel Ospel will step down, as it revealed that further asset write-downs of around $19bn would push the firm into a first-quarter loss of some $12bn. UBS is now seeking a $15bn cash injection from shareholders to beef up its balance sheet. Ospel said in a statement that 'I have always said that I ultimately take responsibility for the bank's situation'.
UBS, which also sustained a $12bn loss in the fourth-quarter (the largest-ever loss posted by a bank in a quarter), has seen its shares fall some 45% this year. The bank has said that it will create a new division to work-through its poor-performing assets, and has confirmed that it has reduced its subprime positions from $27.6bn to $15bn over the last 3 months. Alt-A positions were also reduced over the period - from $26.6bn to $16bn.
Ospel has confirmed that the bank's board did consider splitting up the company, but that it is convinced that a fully integrated organisation comprised of wealth management and investment banking is the way forward. He also told a group of journalists Tuesday that there would be more job losses over at the investment bank as the restructure in the unit continues. Ospel said: 'Clearly the industry is in a very difficult environment and we have to review the capacity with which we operate......That's something you'd usually do in a difficult environment. We will expect to be more specific with respect to all these measures in due course over the weeks to come'.
