Drip, drip, drip... As the (huge) write-offs keep coming slow and furious, it only makes sense that some sacrificial lamb needs to take it on the chin at the top of UBS's corporate hierarchy. That should be Ospel. So far, Ospel (see earlier blogs), the bank's chairman, continues to remain ensconced at the top despite the declining fortunes of the bank. Yesterday's latest drip of more bad news must be eating away at the foundation holding Ospel in place at the top.
Stay tuned. UBS has limits just as everyone else, they are just much bigger.
For more:
Bloomberg
National Post
Reuters
Times Online
International Business Times
Financial Times
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