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UBS has to find way to reposition investment bank: Ospel

ZURICH
Mon Dec 10, 2007 3:40am EST

ZURICH (Reuters) - The next big question facing UBS after it announced a shock new $10 billion writedown on subprime exposures was how to reposition its investment bank, said UBS chairman Marcel Ospel.

Ospel made the comment during a media conference call.

UBS earlier unveiled $10 billion in shock subprime writedowns on Monday and said it had obtained an emergency capital injection from a Singapore government entity -- The Government of Singapore Investment Corporation -- and an unnamed Middle East investor.

UBS declined during the conference call to disclose the identity of the Middle East investor.


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