UBS has suffered massive losses tied to the U.S. subprime-mortgage crisis. As a result, the bank has shaken up its executive team. The latest development? Rory Tapner, UBS chairman and CEO of the Asia-Pacific business, is stepping down after 25 years, and will be replaced by Chi-Won Yoon, reports The Wall Street Journal.
Tapner has said he intends to pursue opportunities outside of financial services.
UBS said Yoon joined the Swiss bank in 1997 and since then held various executivepositions including head of the fixed income, currencies andcommodities business in Asia.
In addition to the departures, UBS is trying to raise capital to pay off its debts by offering more than 293.3 million new shares to a “small number of institutional investors” at 13 francs a share, a discount to the current price. Speculation around the move indicates that the bank may be using funds raised to begin paying back the Swiss government.
UBS said it expects a net loss in the second quarter, as a result of continuing credit write-downs and restructuring changes. UBS will officially report its second-quarter results on August 4.