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UBS critic urges special audit of subprime mortgage losses by largest Swiss bank

UBS critic urges special audit of subprime mortgage losses by largest Swiss bank

One of UBS' chief critics says shareholders should order a special audit of Switzerland's largest bank because of massive losses.
Dominique Biedermann of the Ethos investment foundation told an extraordinary meeting of shareholders on Wednesday that UBS has failed in its responsibility to investors.
The bank has racked up billions of dollars in losses linked to the U.S. subprime mortgage crisis.
UBS Chairman Marcel Ospel is against an independent audit. He says the bank is already cooperating with Switzerland's federal banking commission on a thorough probe.


Updated : 2021-04-13 20:44 GMT+08:00