UBS Names General Counsel To Replace Chair

Law360, New York (April 1, 2008, 12:00 AM EDT) -- Facing fallout from the ongoing subprime crisis and the collapse of the auction rate securities market, investment bank UBS AG has begun its damage control by slashing the value of the securities and nominating a new chairman of the board.

In light of the bank's financial difficulties, the chairman of the board of UBS said on Tuesday that he will not seek re-election.

“My willingness to stand for re-election for a further one-year term was based on my desire to lead UBS out of its current...
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