Swiss bank UBS AG says it expects to post first quarter net losses of $12 billion and to seek $15 billion in new capital. Switzerland's largest bank also said in a statement today that it sees losses and writedowns of approximately $19 billion on U.S. real estate and related credit positions. Its chairman Marcel Ospel will step down, to be succeeded by Peter Kurer. Readers are solely responsible for the content of the comments they post here. Comments are subject to the site's terms and conditions of use and do not necessarily reflect the opinion or approval of the Houston Chronicle. Readers whose comments violate the terms of use may have their comments removed or all of their content blocked from viewing by other users without notification.

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