UBS Looks At All Investor Suggestions

Light Bulb

UBS is always looking at all shareholder suggestions, CEO Sergio Ermotti said Friday, a day after investor Knight Vinke Asset Management called for a spinoff of the firm’s investment bank.

'We’re taking the input and suggestions of every shareholder always very carefully,” Ermotti, 52, told Bloomberg News in an interview at a conference in St. Gallen, Switzerland. 'Yesterday was a good opportunity for all our shareholders to come to the AGM and voice their opinions'.

Ermotti’s comments come a day after New York-based Knight Vinke said in an open letter to shareholders before UBS’s annual general meeting that ownership of the investment bank, which 'nearly destroyed UBS' during the financial crisis, could be transferred to employees and managers.

In 2011, a $2.3bn loss from unauthorized trading at the unit led to the exit of former CEO Oswald Gruebel, three years after the bank received a government bailout to ward off a collapse.

Hit the link below to access the complete Bloomberg article:

UBS Looks at All Investor Input on Knight Vinke Proposal

Credit Suisse Sues Ex-Vice President Who Left for Goldman

JPMorgan Energy Traders May Face FERC Case, N.Y. Times Says

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts