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Stock impact report

Swiss banker Marcel Ospel, who helped create UBS, dies at 70 [Reuters]

UBS Group AG Registered Ordinary Shares (UBS) 
Company Research Source: Reuters
Swiss banker Marcel Ospel, who helped create UBS, dies at 70 ZURICH, April 27 (Reuters) - Marcel Ospel, the Swiss banker who help forge UBS and led the lender to near-collapse, has died at the age of 70, Swiss media reported on Monday. Ospel, who became a divisive figure in Switzerland due to his lavish pay and his presiding over the biggest crisis in the bank’s history, died from a long-standing illness. “We are deeply saddened by the news of Mr. Ospel’s death,” UBS said in a statement on its former chief executive and chairman. The three-times married banker was the architect of what was originally meant to be called United Bank of Switzerland — the fusion of Swiss Bank Corp and Union Bank of Switzerland in 1998. Under Ospel’s leadership UBS carried out the aggressive risk-taking strategy in the United States which nearly brought the bank to its knees as the credit crisis hit in 2007. The Swiss government was forced to rescue the bank after it nearly collapsed under the weight of mo Show less Read more
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