Marcel Ospel has announced to the media that he is under no internal pressure to resign.

Following yesterday's disclosure the UBS has initiated urgent measures to secure SFr19.4 billion of new capital to stabilise its capital base and maintain its wealth management business, chairman Marcel Ospel has announced to the media that he is under no internal pressure to resign. According to Mr Ospel, the matter is not even being discussed. He confirmed that he sees himself "as being part of the solution" to the problems relating to the investment bank’s losses due to the US sub-prime mortgage securities crisis. However, he said "he does not expect or want a bonus for 2007." Explainng the measures taken to secure the capital base, group chief executive officer, Marcel Rohner, said: "Investment banks have to take risks but it is not correct that these should result in losses for the entire group. Indeed our wealth management clients do not like such uncertainty".