UBS: Not for Sale

Still reeling from the credit crisis, UBS AG Chairman Peter Kurer is not for sale. Peter Kurer told the Swiss newspaper Basler Zeitung, “We have no laid the foundation for a new future. The risks have been reduced, costs lowered, strategy changed, the management board renewed, managers replaced.”

UBS is Europe’s hardest hit bank of the credit crisis having written down approximately $42 billion of its investments. It said that it will separate its troubled investment bank from its prized wealth management arm, according to a Reuters report.

“We are tackling our problems with great speed and we will come out of the crisis successfully,” Kurer said.