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Marcel Ospel

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Marcel Ospel
BornFebruary 8, 1950
Basel, Switzerland
DiedApril 26, 2020(aged 70)
Wollerau, Switzerland
NationalitySwiss
EducationSchool of Economics and Business Administration, Basel (HWV)
OccupationBanker
CompanyUBS AG
TitleChairman and group chief executive officer, UBS
Net worthCHF 175 million (2018 estimate)
SpouseAndrée Koechlin (divorced); Adriana Bodmer
Childrensix

Marcel Louis Ospel (8 February 1950 to 26 April 2020) was a Swiss banker who served as group chief executive officer and then chairman of UBS, the bank formed through the 1998 merger of the Swiss Bank Corporation and the Union Bank of Switzerland.[1][2] Ospel rose from an apprenticeship at a small Basel bank to lead the Swiss Bank Corporation and, after its merger, UBS, which under his direction became for a time the world's largest manager of private wealth.[3]

Ospel was group chief executive officer of UBS from 1998 to 2001 and then chairman of its board of directors from 2001 to 2008.[4] During his tenure he expanded the bank heavily into American investment banking and wealth management, acquiring the Chicago derivatives house O'Connor, the British bank S.G. Warburg and the New York broker PaineWebber.[5][6] He was widely criticised in Switzerland for declining to extend further emergency financing to the national airline Swissair shortly before its grounding in October 2001, and for the salary and bonus packages, reaching CHF 26.6 million in his highest year, that he and other senior bank executives received.[1]

Ospel resigned as chairman in April 2008 after UBS disclosed losses and write-downs of approximately USD 19 billion on United States real estate and related structured credit positions, the product of an aggressive expansion into subprime-linked trading that he had overseen as chairman.[7] His former bank required a rescue by the Swiss central bank later that year.[3] Ospel subsequently withdrew from public life, managing his own investment portfolio and placing some money in financial technology ventures.[8] He died of cancer on 26 April 2020 at his home in Wollerau, in the canton of Schwyz, at the age of 70.[1][3][8]

Early life and education

Marcel Louis Ospel was born on 8 February 1950 in Basel, the eldest of three children.[1][2] According to the Munzinger biographical archive, his father worked his way up from a trained confectioner to an engineer, and the family, which was Protestant, lived in Kleinbasel, a working-class, industrial district of the city on the Rhine.[2] The Neue Zürcher Zeitung, drawing on Dirk Schütz's 2007 biography of Ospel, reported that his father later ran a business selling dehumidification equipment and that his mother worked as head of the staff housing at Basel's Bruderholz hospital after the couple's three children were born.[1] The New York Times obituary described his father simply as a confectioner.[3]

Ospel left school and in 1965, at the age of 15, began a banking apprenticeship at Transvalor, a small Basel exchange bank; his first monthly salary was 110 Swiss francs.[1] Three years later he moved to the Geneva private bank Darier & Cie, and after a six-month stay in Brighton, England, to improve his English, he trained as an investment adviser at the Schweizerische Bankgesellschaft, the bank that would later merge with his own employer to form UBS.[1] At the same time he studied at the Höhere Wirtschafts- und Verwaltungsschule (HWV), the Basel school of economics and business administration now part of the Fachhochschule Nordwestschweiz, graduating in 1977.[1][2][4] Unlike many of the bankers he later worked alongside, Ospel did not attend university and had no formal degree beyond the HWV diploma.[1][5]

Career

Swiss Bank Corporation, 1977 to 1990

Ospel began his career in 1977, at the age of 27, in the Central Planning and Marketing Division of the Swiss Bank Corporation (Schweizerischer Bankverein, SBC), then Switzerland's second-largest bank.[4][1] In 1980 he was posted abroad, working for SBC's international capital markets division in London and then New York until 1984.[4][9] From 1984 to 1987 he left SBC for Merrill Lynch Capital Markets in New York, where he worked as a managing director and, according to a Gale business biography, acquired much of his training in American-style investment banking.[4][5] He returned to SBC in 1987, ten days before the stock market crash of that October, and took charge of the bank's securities trading and sales.[4][5]

Back in Zurich, Ospel began pushing SBC, then regarded as the weakest of Switzerland's three large banks internationally, toward derivatives and investment banking.[5] In 1989 SBC entered a joint venture with O'Connor & Associates, a Chicago options trading firm, and in 1992 it acquired O'Connor outright; Ospel placed several of the firm's partners, known internally as "O'Connorites," into senior SBC management in an effort to build the bank's derivatives expertise.[1][5] He was promoted to deputy general director in 1989 and, in 1990, became the youngest general director in SBC's history, joining the bank's executive board that year.[1][4]

Rise to the top of Swiss Bank Corporation, 1990 to 1998

Following his 1990 promotion Ospel relocated to New York and oversaw two further acquisitions that the Neue Zürcher Zeitung later judged markedly less successful than the O'Connor deal: the Chicago asset manager Brinson Partners and the British investment bank S.G. Warburg.[1] The Warburg acquisition, agreed in 1995, combined roughly 11,000 employees from the two banks in what was then one of the largest cross-border banking mergers attempted.[5] Ospel moved quickly to integrate the two firms, dismissing around 1,000 staff, mostly in the equities and settlement departments, using a standardised interview process intended to limit subjective decisions.[5] About 300 Warburg employees left within the first months of the merger, a level of attrition Ospel described publicly as normal for a transaction of that kind.[5] He became chief executive officer of SBC from 1992 to 1995, chief executive officer of the renamed SBC Warburg in 1995, and president of SBC's group executive board from 1996 to 1998.[2][9]

On 8 December 1997 the Swiss Bank Corporation and the Union Bank of Switzerland announced they would merge into a single bank.[1] Industry commentary at the time credited Ospel's success rebuilding SBC with winning him the leadership of the combined institution; he chose Mathis Cabiallavetta, the Union Bank's chief executive and a personal friend with whom he played chess, as the new bank's chairman, while Ospel himself became group chief executive officer.[5][1] The merger, structured as a pooling of interests, was completed on 29 June 1998, creating the combined bank, UBS AG, at the time the world's second-largest bank by assets.[6]

Group chief executive officer of UBS, 1998 to 2001

As chief executive of the newly combined bank, Ospel set an integration timetable of roughly twelve months for the investment banking and institutional asset management divisions and one to two years for the private banking business.[5] Analysts at the time questioned whether the two banks, whose cultures differed sharply, including Union Bank's closer ties to the Swiss military establishment, could be fully reconciled, and Cabiallavetta resigned as chairman after the bank lost roughly CHF 1 billion in the 1998 collapse of the American hedge fund Long-Term Capital Management.[1]

By 2000, with private banking earnings falling and the bank's stock underperforming, Ospel came under sustained criticism for what analysts described as an inability to make decisive management changes; BusinessWeek reported in March 2000 that a Swiss analyst gave him six months to show progress before shareholders would demand his ouster.[5] Ospel responded with a restructuring of the private banking unit in early 2000 and dismissed several managers, including Rodolfo Bogni, who the Gale biography reported had clashed with colleagues over cultural differences within the merged bank.[5] Speaking to Euromoney in 2001 about the difficult final months of 1999, Ospel said: "The last four months of last year were obviously a very difficult period. As well as merging the businesses and running them, we had to overcome these new types of shocks which created disappointments both internally and externally."[5]

On 3 November 2000 Ospel's bank completed its acquisition of PaineWebber Group, a large American retail broker-dealer, for a purchase consideration of CHF 22.0 billion, equivalent to approximately USD 12.5 billion, paid in a mix of shares, options and cash.[6] It was Ospel's largest deal to that point, bringing a substantial American retail brokerage network under his control, though not all analysts regarded PaineWebber as a leading American institution.[5][6] The workforce under Ospel's charge grew accordingly, from 48,011 full-time equivalent staff at the end of 1998 to 71,076 at the end of 2000.[6] In late 2001 Ospel dismissed Luqman Arnold, the bank's British-born president, after seven months in the role, reportedly after Arnold refused, against Ospel's wishes, to approve a loan to Echostar Communications; UBS shares fell around 3 percent on news of the dismissal.[5]

Chairman of UBS, 2001 to 2008

Ospel was elected to the bank's board of directors at the annual general meeting of 26 April 2001 and was appointed chairman with effect from that date, succeeding Alex Krauer; he stepped down as group chief executive officer at the same time, and Luqman Arnold succeeded him as president of the group executive board.[4] As chairman, Ospel continued to exercise close operational influence over the bank through a "Chairman's Office" that, together with executive vice chairmen including Stephan Haeringer, reviewed Ospel's most important decisions; the office met fifteen times during 2007 alone.[9]

Months into his chairmanship, Ospel's bank and Credit Suisse declined to extend further emergency financing to Swissair beyond an initial bridge loan, and the national airline was grounded on 2 October 2001. Ospel later said he could not justify committing a further nine-figure sum of francs to investors if the airline might collapse again within days, but he was widely blamed in Switzerland for the airline's failure.[1] Separately, according to the Gale business biography, Ospel committed the bank to an estimated USD 860 million rescue package related to Swissair's successor airline late in 2001 without fully informing his own board in advance, a lapse for which directors later criticised him.[5]

Ospel continued to expand the bank's American investment banking arm through his chairmanship, including through the Dillon Read business acquired with PaineWebber, and pursued an aggressive growth strategy aimed at competing with the largest United States investment banks for position in deal league tables.[1] In June 2006 his bank established Dillon Read Capital Management (DRCM), an in-house alternative investment unit that took over much of the investment bank's proprietary trading, including a heavy concentration in the American mortgage market.[9] DRCM was closed in May 2007 after sustaining losses, with the closure recorded as a CHF 384 million pre-tax charge.[9]

Under Ospel, the bank reported record results in 2006, earning a net profit attributable to shareholders of CHF 12,257 million, the highest in its history, and Ospel received his own largest-ever compensation package that year, totalling CHF 26.6 million; combined board and executive compensation that year reached roughly CHF 250 million.[1] The following year, as the United States subprime mortgage crisis deepened, the bank's fortunes reversed sharply under his chairmanship: it reported a full-year net loss attributable to shareholders of CHF 4,384 million for 2007, its first annual loss since the 1998 merger, driven by a CHF 4,785 million loss from continuing operations that outweighed a profit from discontinued operations.[9] The bank's own 2007 annual report, signed jointly by Ospel as chairman and Marcel Rohner as chief executive, told shareholders that management remained "committed to managing the business in a disciplined fashion" despite the deterioration in the American real estate market.[9]

On 1 April 2008 UBS announced that it expected to report a first-quarter net loss attributable to shareholders of approximately CHF 12 billion, after further write-downs and losses of approximately USD 19 billion on United States real estate and related structured credit positions, concentrated in the investment bank's fixed income, currencies and commodities business.[7] The bank simultaneously announced a fully underwritten rights issue intended to raise approximately CHF 15 billion in new capital, and said that Marcel Ospel would not seek re-election as chairman at the annual general meeting scheduled for 23 April 2008.[7] Chief executive Marcel Rohner said the capital increase and the creation of a separate unit to hold troubled real estate assets would allow UBS "to remain strongly capitalized and focused on client needs."[7] At the 23 April 2008 annual general meeting in Basel, Ospel did not stand for re-election and was succeeded as chairman by Peter Kurer, UBS's general counsel, who told shareholders that "the sub-prime crisis originating from the United States has caught many of the global financial institutions off guard" and that UBS had been "hit, and hit the hardest."[10]

For the 2007 financial year, the bank's proxy disclosures recorded Ospel's total compensation as chairman at CHF 2,568,379, a decrease of 90 percent from the year before, consisting of a base salary of CHF 2,000,000 plus pension and other benefits; the compensation committee decided against any incentive award for him that year given the bank's financial performance.[9] The same disclosures recorded an outstanding mortgage loan to Ospel of CHF 11,000,000.[9] In October 2008, several months after Ospel's departure, his former bank required a rescue from the Swiss National Bank and the Swiss government.[3]

Leadership and management style

Colleagues and the business press described Ospel in his early years as chief executive as a delegator who believed that, in an institution the size of Swiss Bank Corporation, a single executive could not master every part of the business and that placing the right people in key roles mattered more than centralised control.[5] He was known for abolishing SBC's dress code, arguing that requiring staff to wear a tie added nothing to the business beyond discomfort, a policy that gave the historically conservative bank an unusual reputation within Swiss banking.[5] He told Euromoney in 1997 that he valued being "a mobile person and flexible about these sorts of things," describing how his analysis of relative opportunities in Europe and the United States, rather than personal preference, had driven SBC toward the Warburg and, later, the larger UBS merger.[5] According to the Gale business biography, Ospel named intellectual honesty as the quality he valued most in an employee and sought to surround himself with people he judged to have strong ethics, while also maintaining, even while giving the Euromoney interview, that bankers should keep a low public profile and leave high-profile public life to politicians.[5]

By the early 2000s, however, press accounts described a shift in his management style toward greater centralisation. The trade publication Euroweek wrote in February 2002 that Ospel filled the bank with loyalists who discouraged dissent, reporting that among bank insiders "when you pass the great man, you no longer say, 'guten morgen, Herr Ospel,' but 'Hail Caesar!'"[5] As chairman, Ospel retained close operational involvement in the bank's affairs through the Chairman's Office, a body that, alongside Stephan Haeringer as executive vice chairman, reviewed major transactions and strategic decisions and met fifteen times in 2007 alone, in addition to meetings with the bank's external auditors and Swiss regulators.[9] The bank's own disclosures described Ospel's role as chairman as taking "a leading role in mid- and long-term strategic planning, the selection and supervision of the CEO and the members of the [Group Executive Board], mid-term succession planning and developing and shaping compensation principles," while also "actively" supporting major client and transaction initiatives, a description of continued hands-on involvement well beyond the oversight role usually associated with a non-executive chairman.[9]

Major deals and strategic decisions

Ospel was the principal architect of three transformative mergers at Swiss Bank Corporation and UBS. The first, SBC's 1989 joint venture with, and 1992 acquisition of, the Chicago derivatives firm O'Connor & Associates, gave the bank an American foothold in options trading and was judged by the Neue Zürcher Zeitung to be the most successful of his early deals.[1][5] The second, the 1995 acquisition of the British investment bank S.G. Warburg, combined roughly 11,000 staff and gave SBC a major London investment banking presence, though the integration proved contentious and roughly 300 Warburg staff departed within months.[5] The third and largest was the 1998 merger of Swiss Bank Corporation with the Union Bank of Switzerland to form UBS, completed on 29 June 1998 as a pooling of interests and creating, at the time, the world's second-largest bank.[6][1]

As chief executive of the merged bank, Ospel pursued a plan to shrink the loan book from roughly SFr 270 billion to SFr 60 billion, arguing that traditional lending was not the core business of a bank built around wealth management and investment banking.[5] His largest single acquisition as chief executive was the purchase of PaineWebber Group, completed 3 November 2000 for a total purchase consideration of CHF 22.0 billion (USD 12.5 billion), paid through a combination of newly issued shares, share options and cash; PaineWebber was subsequently merged into UBS Americas Inc.[6] A proposed merger with Merrill Lynch was explored and abandoned in 1999.[1]

As chairman, Ospel oversaw a push deeper into American structured credit and subprime-linked mortgage trading, including the creation in June 2006 of Dillon Read Capital Management, an in-house alternative investment unit intended to let outside investors access the bank's proprietary trading strategies.[9] DRCM's closure in May 2007, after a CHF 384 million pre-tax write-down, did not prevent further losses, as positions previously run by DRCM had already been absorbed into the investment bank's other trading books.[9] In the wake of the 2007 and early 2008 losses, the board under Ospel announced the formation of a separate work-out unit to hold distressed United States real estate assets and proposed the CHF 15 billion rights issue that was ultimately carried out after his departure.[7]

Financial and market performance

The bank's headcount grew substantially during Ospel's tenure, from 48,011 full-time equivalent employees at the end of 1998, the year of the SBC-UBS merger, to 71,076 by the end of 2000 following the PaineWebber acquisition, and to a total headcount of 85,208 by the end of 2007.[6][9] Its share price and market value peaked late in Ospel's chairmanship before falling sharply as the subprime crisis unfolded: the shares closed 2005 at CHF 62.55, giving a market capitalisation of CHF 131,949 million; by the end of 2006, a record year, the shares stood at CHF 74.05 and market capitalisation had risen to CHF 154,222 million.[9] Over 2007 the share price fell 29 percent to CHF 52.40 and market capitalisation fell 30 percent to CHF 108,654 million, as investment banking losses mounted under Ospel's chairmanship.[9] Shareholders saw net profit of CHF 12,257 million in 2006, the highest in the bank's history, swing to a net loss of CHF 4,384 million in 2007.[9] By 1 April 2008, Ospel's bank was forecasting a further first-quarter net loss of approximately CHF 12 billion, after write-downs and losses of approximately USD 19 billion concentrated in its investment bank's fixed income, currencies and commodities business; the bank's exposure to United States subprime mortgage positions fell over the quarter from USD 27.6 billion to approximately USD 15 billion as positions were disposed of and written down, while exposure to Alt-A mortgage positions fell from USD 26.6 billion to approximately USD 16 billion.[7]

Board memberships and outside roles

Alongside his executive roles, Ospel served as a member of the Monetary Authority of Singapore's International Advisory Panel and was treasurer of Economiesuisse, the Swiss business federation, as well as a member of the European Financial Services Round Table in Brussels.[9] Within the bank's own board structure he also served as a member of the Compensation Committee, chaired by Markus Kundig alongside fellow director Rolf A. Meyer, which was responsible for setting compensation and bonus recommendations for the bank's executive directors, president and group executive board.[4]

In 2001 Ospel was appointed chairman of a newly created Corporate Responsibility Committee, whose other members included the bank's deputy chairman Hans de Gier, its group executive president Peter Wuffli, its then UBS Americas chairman Donald Marron and Marcel Rohner, at the time chief operating officer of UBS Private Banking. The committee Ospel chaired was charged with setting the bank's policy on corporate responsibility and sustainable development, monitoring the bank's adherence to international standards in those areas, and advising both the group executive board and the board of directors on the subject.[4]

Controversies

Ospel's salary and bonus arrangements were a recurring subject of public debate in Switzerland. He first disclosed his compensation at the bank's annual general meeting in April 2002, when his total pay came to CHF 12.5 million against an annual profit of CHF 3.5 billion; he considered the figure modest by the standards of his American peers, but it drew sharp criticism within Switzerland, including from within mainstream, business-friendly circles.[1] His compensation peaked in the 2006 financial year, when the bank posted its highest-ever annual profit and Ospel's total pay reached CHF 26.6 million, with combined compensation for the board and group executive board reaching approximately CHF 250 million that year.[1]

Ospel was widely blamed in Switzerland for his bank's refusal, alongside Credit Suisse, to provide further emergency financing to the national airline Swissair shortly before its grounding on 2 October 2001; some commentators held him chiefly responsible for the airline's collapse, though Ospel maintained that he could not justify to his investors committing a further nine-figure sum if the airline were likely to face the same crisis again within days.[1] Separately, the Gale business biography reported that Ospel committed his bank late in 2001 to an estimated USD 860 million rescue package connected to Swissair's successor airline without adequately informing his own board in advance, prompting internal criticism of his governance.[5] In December 2001, Ospel dismissed his bank's president, Luqman Arnold, after seven months in the post, reportedly following a dispute in which Arnold had declined, against Ospel's wishes, to approve a loan to the American satellite broadcaster Echostar Communications; the bank's shares fell around 3 percent following the announcement, and some commentators linked the dismissal to speculation that Arnold had sought to succeed Ospel.[5]

The central controversy of Ospel's career concerned the bank's losses in the 2007 to 2008 financial crisis. Under his chairmanship, the bank built up large positions in United States subprime mortgage and related structured credit instruments through its investment bank and the short-lived Dillon Read Capital Management unit, losses from which forced it to its first annual loss since the 1998 merger and contributed, together with pressure from Swiss regulators, to Ospel's decision not to seek re-election as chairman in April 2008.[9][7][1] It required a rescue from the Swiss National Bank and the Swiss government later that year.[3] In 2009, after Ospel's departure, his former bank agreed to pay approximately USD 780 million in fines and penalties to United States authorities to settle allegations that it had helped American clients evade taxes, and agreed to turn over data on account holders suspected of evasion, ending a longstanding era of Swiss banking secrecy for the institution he had led.[3] Ospel remained a target of public criticism and occasional protest in Switzerland for years after his resignation on account of both his former compensation and the bank's role in the financial crisis.[8]

Personal life

Ospel married more than once. Press accounts describe a marriage, in the mid-1990s, to Andrée Koechlin, who came from a wealthy Basel family; the marriage ended in divorce.[11] He later married Adriana Bodmer, an economist from a prominent Zurich family, in 2005; she survived him, along with twins born to the couple in 2009, a son and a daughter.[3][11] The New York Times and Neue Zürcher Zeitung both reported that Ospel was survived by six children in total, two sons and two daughters from his earlier marriages in addition to the twins born to Bodmer, indicating at least one further marriage beyond those two named in available sources.[3][1]

Among his children, his daughter Dominique Ospel became a businesswoman; in 2016 she acquired full ownership of Moncielo AG, a Swiss company making lifestyle and riding clothing for the equestrian market, which she financed independently of her father.[12] His son Philipp "Phil" Ospel trained as an actor at the New York Film Academy, later returned to Switzerland to write fiction, and told a 2008 interviewer that he shared with his father "only name and blood;" his parents had divorced when he was eleven, and he was raised mainly by his mother.[13] Ospel's daughter Séverine Ospel represented Switzerland in international field hockey test matches.[14][15]

The family lived latterly in Wollerau, in the canton of Schwyz, where Ospel died.[1] He was an enthusiastic drummer in the Basel Fasnacht, the city's traditional carnival, and owned a hunting estate in Austria where he hunted deer and other game.[1][3] According to the Neue Zürcher Zeitung, citing reporting by the Basler Zeitung, Ospel was a member of the Swiss People's Party (SVP).[1] His net worth was estimated by the Swiss business magazine Bilanz at CHF 175 million in 2018, placing him among the wealthier Swiss citizens of his generation.[1]

After leaving the bank in 2008, Ospel withdrew almost entirely from public life and gave no further public interviews or statements for more than a decade.[1] In February 2020 he agreed, despite his declining health, to give the Neue Zürcher Zeitung a detailed interview about the crisis, the Swissair affair and his career; he met the paper's reporter in person that month, spoke openly about his cancer diagnosis, and recalled events and figures from his years running the bank in detail. A full interview was scheduled for mid-May 2020, but Ospel died before it could take place.[1] His biographer Dirk Schütz, editor-in-chief of Bilanz and author of the 2007 biography "Herr der UBS" ("Master of UBS"), said after Ospel's death that the criticism he endured after 2008 had affected him deeply, recalling an occasion when a lawyer who had once worked with Ospel snubbed him in a restaurant; Ospel reportedly told Schütz afterward, "When I was head of UBS, this guy would do anything I wanted."[3]

Philanthropy

Ospel served as chairman of the Optimus Foundation, a charitable foundation administered by his bank.[9] He was also a trustee of the foundation board of the Patronate Committee for the Basel Museums of Art and a member of the Committee for the Museum of Antiques in Basel.[9] Specific grant recipients and donation amounts associated with these roles were not disclosed in the sources reviewed for this article.

Recognition

Regulatory filings made by his bank record that Ospel held an honorary Doctor of Laws degree from the University of Rochester in the United States.[9]

See also

References

  1. ↑ 1.00 1.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1.24 1.25 1.26 1.27 1.28 1.29 1.30 1.31 1.32 <ref>Baches, Zoé."Marcel Ospel ist tot".26 April 2020.Retrieved 28 September 2026.</ref>
  2. ↑ 2.0 2.1 2.2 2.3 2.4 <ref>"Marcel Ospel".Munzinger-Archiv.Retrieved 28 September 2026.</ref>
  3. ↑ 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 <ref>Reed, Stanley."Marcel Ospel, Architect of the Swiss Bank UBS, Is Dead at 70".22 May 2020.Retrieved 28 September 2026.</ref>
  4. ↑ 4.00 4.01 4.02 4.03 4.04 4.05 4.06 4.07 4.08 4.09 <ref>"UBS AG Annual Report on Form 20-F for the fiscal year ended 31 December 2001".U.S. Securities and Exchange Commission, EDGAR.14 March 2002.Retrieved 28 September 2026.</ref>
  5. ↑ 5.00 5.01 5.02 5.03 5.04 5.05 5.06 5.07 5.08 5.09 5.10 5.11 5.12 5.13 5.14 5.15 5.16 5.17 5.18 5.19 5.20 5.21 5.22 5.23 5.24 5.25 5.26 <ref>"Ospel, Marcel (1950 to 2020)".Encyclopedia.com (Gale).Retrieved 28 September 2026.</ref>
  6. ↑ 6.0 6.1 6.2 6.3 6.4 6.5 6.6 6.7 <ref>"UBS AG Annual Report on Form 20-F for the fiscal year ended 31 December 2000".U.S. Securities and Exchange Commission, EDGAR.15 March 2001.Retrieved 28 September 2026.</ref>
  7. ↑ 7.0 7.1 7.2 7.3 7.4 7.5 7.6 <ref>"UBS AG Form 6-K: Pre-announcement of first quarter 2008 estimated net loss".U.S. Securities and Exchange Commission, EDGAR.1 April 2008.Retrieved 28 September 2026.</ref>
  8. ↑ 8.0 8.1 8.2 <ref>"Marcel Ospel: An Obituary".finews.asia.27 April 2020.Retrieved 28 September 2026.</ref>
  9. ↑ 9.00 9.01 9.02 9.03 9.04 9.05 9.06 9.07 9.08 9.09 9.10 9.11 9.12 9.13 9.14 9.15 9.16 9.17 9.18 9.19 9.20 9.21 <ref>"UBS AG Annual Report on Form 20-F for the fiscal year ended 31 December 2007".U.S. Securities and Exchange Commission, EDGAR.18 March 2008.Retrieved 28 September 2026.</ref>
  10. ↑ <ref>"Speech given by Peter Kurer at the Annual General Meeting of UBS AG, 23 April 2008".U.S. Securities and Exchange Commission, EDGAR (UBS AG Form 6-K).25 April 2008.Retrieved 28 September 2026.</ref>
  11. ↑ 11.0 11.1 <ref>"Hochzeit: Mr. und Mrs. Ospel".Bilanz / Handelszeitung.Retrieved 28 September 2026.</ref>
  12. ↑ <ref>"Ospel kauft sich eine Bekleidungsfirma".Aargauer Zeitung.3 September 2016.Retrieved 28 September 2026.</ref>
  13. ↑ <ref>Hug, Dominik."«Ich teile mit meinem Vater nur Name und Blut»".16 February 2008.Retrieved 28 September 2026.</ref>
  14. ↑ <ref>"OSPEL Séverine, player profile".International Hockey Federation Tournament Management System.Retrieved 28 September 2026.</ref>
  15. ↑ <ref>"Am Interclub-Final auf drittem Rang klassiert".March24 / Marchhöfe24.Retrieved 28 September 2026.</ref>
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