Zurich, Switzerland (GenevaLunch) - UBS, the world’s largest wealth management bank and Switzerland’s leading bank, suffered a CHF12 billion net loss in the first three months of 2008, after losses and a write-down of $19b, mainly on US real estate credit positions, for the first quarter of 2008. Board chairman Marcel Ospel is stepping down, to be replaced by board member Peter Kurer (Christoph Blocher was rumoured last weekend to be a candidate for the post). Kurer, a Swiss lawyer who trained in Chicago, may be best known for his role in Swissair’s collapse. The bank announced Tuesday it will ask shareholders to vote on raising new capital of CHF15b to cover losses. Ospel until recently insisted he would seek re-election at the 23 April annual general meeting. UBS press release

Details:
TSR, overview
Le Temps, Ospel quits
Financial Times, Kurer’s surprise nomination
International Herald Tribune, write-downs at the "upper end of expectations"

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