Senior Heads Roll At UBS In Wake Of LTCM Near-Collapse


ZURICH--UBS has announced sweeping senior level changes in the wake of the near collapse and bail-out of Long-Term Capital Management (LTCM). An internal inquiry into the bank's dealings with LTCM highlighted "shortcomings in risk management processes before, during and after the UBS merger", says a bank spokesperson, though "no signs were found of gross negligence". Nevertheless, four senior figures have left the bank, including chairman Mathis Cabiallavetta and chief risk officer Felix Fischer

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