Risk.net

UBS losses trigger management clear-out

UBS today announced a quarterly loss of $3.4 billion from its fixed-income division. A combination of mortgage-backed securities (MBS) exposure and the failure of the bank’s Dillon Read Capital Management subsidiary contributed to the loss, said Marcel Rohner, group CEO.

As a result of the loss, Rohner takes personal charge of the investment bank arm of the business, replacing Huw Jenkins, who steps down. The other senior management casualty is group CFO Clive Standish, who retires and is replac