UBS: Marcel throws the kitchen sink

The kitchen sink is one of the first things most rookie chief executives reach for when they take on the job. Marcel Rohner is no exception. The UBS boss, who has only been chief executive for three months, has used a third quarter profit warning to announce a $4bn write-down mainly relating to US subprime mortgages. He’s also fired Huw Jenkins, the head of the group’s investment bank, as well as group finance director Clive Standish, and announced plans to cut 1,500 jobs from the fixed income d...