- The Guardian,
- Wednesday July 2, 2008
- Article history
Troubled UBS sees four board members resign
Swiss bank UBS sought to shore up its battered reputation by enforcing the resignation of four board members. However, its shares slumped to a new 10-year low. The changes came hours after US prosecutors asked a judge to force the bank to disclose details about its US customers using Swiss accounts to evade income tax. The four board members, Stephan Haeringer, Rolf Meyer, Peter Spuhler and Lawrence Weinbach, will step down in October. UBS shares fell a further 6.25% on fears it would issue another profits warning and were trading at barely Sfr20 (£9.85) – a third of their value a year ago.
David Gow in Brussels
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