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Asset writedown worries hit UBS

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Asset writedown worries hit UBS

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UBS shares have fallen again as the credit crunch mauled Swiss bank failed to address the markets concerns about further possible writedowns.

It said nothing about that, but did announced a shake-up of top management. Four board directors are to be replaced and the chairman’s power reduced.

The bank is also under legal pressure after the US Justice Department said it wants information about whether UBS might have helped US citizens evade tax.

UBS shares hit 10-year lows, down 5.3%.