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UBS shareholders reject special audit of bank's losses in subprime crisis

UBS shareholders reject special audit of bank's losses in subprime crisis

UBS AG shareholders have rejected a special audit of Switzerland's largest bank after it suffered huge losses.
Critics have accused UBS' board of failing 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 says the bank is already cooperating with Switzerland's federal banking commission on a thorough probe.
Wednesday's extraordinary meeting of shareholders in Basel is getting increasingly tense. The meeting has already been briefly interrupted after an angry shareholder attempted to storm the stage where the bank's board is presiding.


Updated : 2021-05-06 22:03 GMT+08:00