UBS said yesterday that it will seek a formal discharge for members of the board and top executives at the helm during the economic crisis.
The Swiss bank has held off until now, while internal and external investigations into accountability for the enormous losses sustained by the group were carried out.
Since the credit crisis began, UBS has been hit bhy write-offs of more than $50bn.
Now that these inquiries have been concluded, a formal vote of confidence will go ahead at next month’s AGM. Because of prior delays, the votes will apply to the last two financial years. Those under scrutiny will include Marcel Ospel, the former UBS chairman and Peter Wuffli and Marcel Rohner, two previous chief executives. UBS also announced that Michel Demaré, chief financial officer of ABB would be up for appointment as deputy chairman.