UBS, Switzerland’s largest bank wrote off $18bn last year as it became the most serious European casualty of the US subprime mortgage crisis, according to Financial Times.
Marcel Ospel said he would not seek re-election as chairman of UBS, as Europe’s biggest casualty of the subprime crisis announced a further massive loss and its second capital increase in two months. Ospel will be replaced by Peter Kurer, UBS’s general counsel, who will be confirmed as UBS chairman on the 23 of April.
"I always said i will assume the responsability for the bank's losses", said Ospel. Facing a difficult situation, the bank seems forced to raise capital. JP Morgan Chase, Morgan Stanley, Goldman Sachs and BNP Paribas are interested in participating.