All eyes on UBS
The post-mortem on the credit crunch is already underway at UBS as institutional shareholders attack risk management and foreign capital infusions.
From the sleepy cantons of Switzerland is unexpectedly emerging one of the most wide-ranging attacks on investment banking performance, risk procedures and excessive compensation.
Following expected losses of SFr12.5 billion $13.75 billion in the fourth quarter and SFr4.4 billion for 2007 the only bank so far, alongside Merrill Lynch, to plunge into the red for the full year, the UBS board in December invited the Government of Singapore Investment Corporation GIC and an undisclosed Middle Eastern investor to invest...
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