TUESDAY APRIL 01
UBS: The Other Shoe Drops

Here’s your quick hit: UBS Chairman Marcel Ospel won’t stand for re-election, effectively resigning, as the bank – one of Europe’s worst-hit by the subprime crisis – plans to write down another $19 billion and ask shareholders to green-light $15 billion in additional funds. A third-party sale or spin-off also is being considered, Chief Executive Marcel Rohner said in a conference call. At this point, so many bank heads have rolled that we’re starting our official watch of when the second round of heave-hos is likely to begin for the newest bumper crop of replacement bank chairmen and CEOs. Forewarned is forearmed and all that. Next, a sneak preview of who’s favored to take Ospel’s place.

April 2008

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