Marcel Ospel
Encyclopedia
Marcel Louis Ospel was a former Chairman of the Board of Directors of UBS AG
, the largest bank in Switzerland
.
Marcel Ospel had an income in 2005 of around 24 million CHF
.
After the company reported 19 billion U.S. dollar write-downs, Mr. Ospel was forced to withdraw his candidacy for re-election to the Board at the Annual General Meeting on 23 April 2008. It has been suggested that Ospel should be prosecuted for criminal negligence and gross mismanagement of UBS*http://www.ubs.com/1/e/about/news.html?newsId=139204
's line of credit, leading some people to believe that the dramatic grounding of Swissair planes on October 2 was Ospel's responsibility. These theories were later countered by information and details revealed in the media, and by the Swissair trial, held in 2007, which seemed to indicate otherwise.
UBS AG
UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
, the largest bank in Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
.
Marcel Ospel had an income in 2005 of around 24 million CHF
Swiss franc
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen , it is in wide daily use there...
.
After the company reported 19 billion U.S. dollar write-downs, Mr. Ospel was forced to withdraw his candidacy for re-election to the Board at the Annual General Meeting on 23 April 2008. It has been suggested that Ospel should be prosecuted for criminal negligence and gross mismanagement of UBS*http://www.ubs.com/1/e/about/news.html?newsId=139204
Timeline
- 1977-1980 Swiss Bank Corporation in the Central Planning and Marketing Division
- 1980-1984 SBC London and New York in the Capital Markets division
- 1984-1987 Managing Director with Merrill Lynch Capital Markets
- 1987-1990 In charge of Securities Trading and Sales at SBC
- 1990-1995 Member of the Executive Board of SBC
- 1995-1996 CEO of SBC Warburg
- 1996-1998 President and Group Chief Executive Officer of Swiss Bank CorporationSwiss Bank CorporationSwiss Bank Corporation was a large integrated financial services company located in Switzerland...
(SBC) - 1999-2001 Group Chief Executive Officer, UBS AGUBS AGUBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
- 2001-2008 Chairman of the Board of Directors, UBS AGUBS AGUBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
Recognition
- 2003 marketing prize of Gesellschaft für Marketing for UBS world-wide single-brand strategy.
Criticisms
In 2001, he was criticized for evading requests to extend SwissairSwissair
Swissair AG was the former national airline of Switzerland.It was formed from a merger between Balair and Ad Astra Aero , in 1931...
's line of credit, leading some people to believe that the dramatic grounding of Swissair planes on October 2 was Ospel's responsibility. These theories were later countered by information and details revealed in the media, and by the Swissair trial, held in 2007, which seemed to indicate otherwise.