Wednesday, 20 August 2014
Last updated 6 hours ago
Jul 6 2007 | 11:33am ET
UBS has fired CEO Peter Wuffli, who had championed the firm’s failed in-house hedge fund, it said yesterday.
Wuffli “relinquishes all of his functions at UBS,” which in addition to suffering big losses at hedge fund Dillon Read Capital Management has seen three straight quarters of declining earnings, and posted a 13% drop in profits last year.
UBS announced plans to shutter Dillon Read in May, after the hedge fund lost 150 million Swiss francs (US$123.3 million) in the volatile U.S. mortgage market. Closing the unit will cost the Swiss bank a further US$300 million.
Deputy CEO Marcel Rohner was named Wuffli’s successor. A bid by current UBS Chairman Marcel Ospel to have Wuffli replace him was rejected; Ospel agreed to stay on for another three years.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note