The Swiss bank has contacted some of Europe’s top bankers to join its board of directors and eventually replace the bank’s chairman Marcel Ospel (pictured) amid growing pressure for him to step down.
The executives contacted by headhunters acting for the bank include Bob Diamond, president of Barclays; Michael Cohrs, head of global banking at Deutsche Bank; and John Studzinski, Blackstone‘s senior managing director, the Financial Times reported, citing people familiar with the matter.
All were told the bank was looking for an executive vice-chairman as a staging post to the chairmanship, say people familiar with the matter. However, each dismissed the offer, the newspaper said.
Subprime
UBS is the worst victim of the credit crisis in Europe. The bank slumped to a full-year loss last year after writing off $18.4 billion (€12.5 billion) on securities linked to the US subprime mortgage market.
Mr. Ospel has said in the past he wants to stay on to see UBS through its crisis. At one point last year he said he had wanted to quit but was persuaded not to by the board. On Thursday he said: “With these moves, we have strengthened the leadership structure in order to manage UBS’s current challenges. I proposed the new tenure rule to the board, and am prepared, pursuant to their request, to stand for re-election for one year.”
February 22, 2007