News Flash – UBS Chief Resigns

UBS Chief Rohner has tendered his resignation and will be replaced by Credit Suisse CEO Oswald Gruebel with immediate effect, the bank announced today.

UBS has lost billions of dollars in the financial crisis and is also presently facing a legal dispute with U.S. over tax evasion probe on UBS’s americans account holders. UBS annual loss in year 2008 stands at about US$17 billion dollars, the largest full-year loss in Swiss corporate history. Loss could be further extended with the worsening of the Eastern European countries economy.

- Patrick

Related posts:

1. The Mighty Swiss in Trouble? Share The global financial system is collapsing before our eyes....
2. Weekend News for Week 1 of 2009 Share 1. Bank of Japan Governor Masaaki Shirakawa continued to express...
3. Prepare for another round of economic news from the US Share Are You Prepared for Another Round of Market-Moving Data?...
4. Australia Revealed Bad Private Sector Credit Data Share Australia’s december private sector credit shrank into negative region...
5. FX News Preview: FOMC Meeting Minutes Due Out at 2:00PM EST Share What is it? —-  It’s a detailed record of...