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UBS Adds Adult Supervision, People Who Know What They're Doing To Operation

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UBS said today that everyone can quit worrying about more writedowns coming out of the Swiss bank. It is assembling a new governing board-- this one with "real supervisory function" as well as "financial expertise"-- whose goal first and foremost will be to not lose money, which has not exactly been priority numero uno on the past. (In fairness to those who've been overseeing things up to this point, while they may not necessarily have been interested in avoiding catastrophe, they've certainly demonstrated a knack for using dulcet tones as a salve to ease sack-rippingly bad news, which should not be discounted.) So do not worry-- that which was previously fucked is fucked no longer, and Landsbanki Kepler analyst Dirk Becker, who noted that the restructuring of governance "won't help to get [UBS] out of the current crisis" has no idea what he's talking about.
Writedown fears nag as UBS rejigs management [Reuters]
UBS Calls Shareholder Meeting to Elect Board Members [Bloomberg]