UBS report blames lax controls for credit losses
France calls for stronger controls after SocGenThe bank's share price has more than halved since June and it is under increasing pressure from shareholders, some of whom want it to split up its business, with speculation rising the bank could be taken over.
The bank will replace its chairman, Marcel Ospel, widely criticised for allowing UBS to take on risk in a bid to become the world's biggest investment bank, with Peter Kurer, the group's top lawyer.
Activist investor group Olivant - controlled by former UBS chief executive Luqman Arnold - has been the most outspoken critic of UBS's strategy, urging it to appoint a heavyweight banker at its helm, saying Kurer is the wrong choice.
Olivant has said it will not seek to force UBS's hand by rallying a wider vote at Wednesday's AGM, however.
(Additional reporting by Thomas Atkins, Editing by Erica Billingham and Quentin Webb)
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