February 22, 2008 / 5:40 AM / 11 years ago

UBS contacts bankers to replace chairman - FT

NEW YORK, Feb 22 (Reuters) - UBS UBSN.VX has contacted some of Europe’s top bankers to join its board of directors and eventually replace the Swiss bank’s chairman Marcel Ospel, the Financial Times reported, citing people familiar with the matter.

Executives contacted by headhunters acting for the bank include Bob Diamond, president of Barclays (BARC.L); Michael Cohrs, head of global banking at Deutsche Bank (DBKGn.DE); and John Studzinski, Blackstone’s (BX.N) senior managing director, the newspaper said in a report on its Web site.

All executives were told the bank was looking for an executive vice-chairman as a staging post to the chairmanship, the paper reported. It said each executive dismissed the offer.

UBS, the worst victim of the credit crisis in Europe with nearly $18 billion in subprime write-downs, said on Thursday it proposed reelecting veteran chairman Ospel, but said it would reduce his term of office to one year.

Reporting by Yinka Adegoke, editing by Jacqueline Wong

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