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The troubling timeline.

[ILLUSTRATION OMITTED]

May 3, 2007: UBS surprises investors by closing its Dillon Read hedge fund unit.

October 30, 2007: USS reports a third-quarter pre-tax less of 726 million Swiss francs, its first quarterly loss in nine years.

February 14, 2008: UBS posts a 2007 full-year loss of 4.38 billion Swiss francs. At the February 27 Extraordinary General Meeting, shareholders back an $11.9 billion capital injection from the Singapore Investment Corporation and an unnamed Middle East investor.

April 1, 2008: UBS announces approximately $19 billion in write-downs (doubling the $18 billion already written down in 2007), effectively dumps Board Chairman Marcel Ospel in favour of UBS' General Counsel Peter Kurer, and seeks additional emergency capital.

May 6, 2008: UBS slashes 5,500 jobs and sells billions of dollars of ailing assets.

October 16, 2008: UBS announces it will receive 6 billion Swiss francs from the Swiss government in exchange for a 9.3 per cent stake; it also announces it will, acting with the Swiss National Bank, unload $60 billion in toxic U.S. assets to a newly created fund.

November 12, 2008: Raoul Well, chairman and CEO of UBS' global wealth management and business banking, is indicted by a U.S. federal grand jury on charges of conspiring to help wealthy Americans hide $20 billion in assets from U.S. tax authorities in Swiss bank accounts.

February 10, 2009: UBS posts a 19.7 billion Swiss franc full-year loss, the biggest-ever for a Swiss company.

February 18, 2009: UBS agrees to pay $780 million to the United States, and identify certain U.S. clients following criminal fraud charges that it assisted rich Americans in tax evasion.

February 26, 2009: UBS appoints Oswald Grubel, former head of rival Credit Suisse, as new chief executive officer, replacing Marcel Rohner who had served as CEO since July 2007

March 1, 2009: CEO Grubel says it could take two to three years before UBS gets back to making a sustainable profit.

March 4, 2009: Board Chair Peter Kurer announces he will not stand for re-election. Former Swiss Federal Councillor and Minister of Finance Kaspar Villiger is named successor.

March 11, 2009: UBS publishes its full-year report, with revised 2008 figures to reflect an additional net loss of more than 1 billion Swiss francs, for a total 2008 full-year net loss of 20.9 billion Swiss francs, and predicts tough times ahead.

April 15, 2009: CEO Grubel announces further job reductions bringing the total for 2009 to 10,300 jobs lost and the grand total to over 16,000 since the end of 2007.

May 5, 2009: The bank posts a 2 billion Swiss franc loss for the first quarter of 2009.

May 20, 2009: UBS restates its 2008 annual report, and increases its full-year net loss by a further 405 million Swiss francs, for a total 2008 net loss of 21.3 billion Swiss francs.

(As of June 11, USD 1 = SFr 1.08)
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Title Annotation:NEWS FEATURE
Publication:Swiss News
Article Type:Calendar
Date:Jul 1, 2009
Words:492
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