UBS to 'Redouble' MBS Management Efforts

UBS, its finances damaged by U.S. mortgage exposure, plans to "redouble" efforts to "manage down" its holdings of mortgage-backed securities and derivatives, embattled chairman Marcel Ospel told shareholders Wednesday at an extraordinary meeting in Basel, Switzerland. Mr. Ospel, who has come under fire for the inordinate losses the company took as a result of the U.S. mortgage exposure, indicated that he plans to stick with the company and "ensure UBS gets back on the road to success" despite the criticism. Investors approved a previously proposed move to bolster capital by switching a cash dividend to a stock dividend at the meeting.