Knives out in UBS boardroom shake-up
Article Abstract:
It is believed that the future of Union Bank of Switzerland (UBS) Chmn Mathis Cabiallavetta is uncertain because he supported the complex derivatives deal with Long-Term Capital Management which led to UBS losing $650 million. Questions are also being raised about whether other UBS board members, including Chief Credit Officer Pierre de Weck, may be dismissed. There has been an internal inquiry and an investigation by the Swiss Banking Commission into transactions involving an outright investment of $266 million in Long-Term Capital Management and a further covered call option of $800 million.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
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UBS's part in everyone else's downfall
Article Abstract:
UBS, the largest European bank, lost $650 million on speculative investment in hedge fund Long-Term Capital Management. This has led to the resignation of Chmn Mathis Cabiallavetta and three others. Ministers from G7 countries attending the forthcoming International Monetary Fund/World Bank meetings will now have to consider whether the world economy can be protected from the fate that UBS has suffered. It seems unlikely that banks will now no longer make such risky investments, and this will place a heavy burden on the world economy.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
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Japanese stocks rally despite collapse of country's tenth biggest bank
Article Abstract:
The decision by the Japanese government to allow Hokkaido Takushoku Bank, the country's 10th-largest, to go out of business, seems to have served to boost investor confidence. This is reflected in the fact that the Nikkei average made the fourth-largest percentage rise in its history. Investors welcome the government's apparent determination to proceed with financial reform while ensuring that the impact on depositors is as limited as possible.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1997
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