(Reuters) - UBS shares hit a record low of 10 Swiss francs on Monday after a barrage of criticism of the Swiss lender’s handling of a U.S. probe into tax fraud and concerns about the survival of banking secrecy.
Swiss newspapers attacked chairman Peter Kurer and chief executive Marcel Rohner at the weekend, stoking speculation the bank may undergo a management reshuffle less than a year into its latest change at the top.
Here are names of potential candidates for senior positions at UBS that have been at the center of speculation.
PHILIP HILDEBRAND, VICE-CHAIRMAN SWISS NATIONAL BANK
Swiss newspapers suggested at the weekend that Hildebrand, a member of the Swiss National Bank’s executive board, could be the right person to guide UBS through the twin subprime and tax fraud challenge.
Before joining the Swiss central bank, Hildebrand spent time in the private sector and was chief investment office at bank Vontobel and general manager at Union Bancaire Privee.
JOSEF ACKERMANN, DEUTSCHE BANK CEO
Deutsche Bank’s chief executive is a Swiss and has the right banking background. His name has often been at the center of market speculation as a replacement for Kurer.
But his standing has been dented by the poor performance of the German bank he runs. Ackermann denied in December he was considering giving up his job at Deutsche Bank.
SERGIO MARCHIONNE, FIAT CEO
Marchionne is UBS’s deputy chairman and an independent member of its board. He is a senior member of the board and has no ties with former chairman Marcel Ospel.
Marchionne, who became Fiat’s CEO in 2004, gained a reputation as a turnaround star after he managed to rescue the Italian car-maker from near bankruptcy. But he has ruffled many Swiss feathers by criticizing Kurer’s appointment.
CHRISTOPH BLOCHER, SWISS RIGHT-WING POLITICIAN
Billionaire industrialist Blocher, a leading figure in the right-wing Swiss People’s Party (SVP), had been tipped to replace former UBS chairman Marcel Ospel when he resigned last year, only to lose out to Kurer.
Blocher, whose family controls specialty chemicals company EMS-Chemie, was ousted from the Swiss cabinet in December 2007 in a rare breakdown of cooperation between political parties which also prompted a split in the SVP.
(Reporting by Lisa Jucca and Sam Cage in Zurich, editing by Dan Lalor)
$1 = 1.153 Swiss francs
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