UBS Write-Downs

In the list of the 45 list of the world biggest bank and security firms. Ubs, the largest Swiss bank, is on the top of write-downs. They had 19 billion dollard write-downs on asset related to assets related to mortgage assets. Since the beggining of 2007, we can see that 232 billion dollards has been write down by banks all over the world and also with a significant market exposure due to the size of the bank UBS is on the top. Obviously,after seing the exposure that the bank has and the significant lost that they have the chairman Marcel Hospel has step down of his post. He was shown as the modernizer of the Swiss bank industry, now he is forced to step down. When your salary is in millions and that the bank was not ready at all to the credit crunch, someone is to blame and in that case the chairman had to step down which makes sense as he is responsible of the company. The lack of risk management, the rushed set up of its hedge fund business and an over aggresive growth plan is also to blame for the position of the bank.