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UBS chairman says managerial measures not enough: Swiss TV

ZURICH
Tue Jul 1, 2008 4:31pm EDT

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ZURICH (Reuters) - The managerial changes announced by UBS (UBSN.VX) on Tuesday were not enough to get the Swiss bank back on track, its Chairman Peter Kurer told Swiss television in an interview on Tuesday.

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Asked if the steps taken on Tuesday were sufficient for the bank to return to profit, Kurer said: "No, of course they are not sufficient. But they are crucial."

UBS, Europe's biggest casualty of the credit crisis and under fire from investors for shoddy corporate governance, said on Tuesday it would dismantle the office of chairman, a key demand of one of its top shareholders, activist investor Olivant.

(Reporting by Katie Reid and Eva Kuehnen)
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