UBS has bowed to pressure from investors following $18.4bn (€12.5bn) of writedowns last year and agreed with its chairman Marcel Ospel that he will stand for re-election for just one year rather than the expected three. The move raises questions over the long-term leadership of the Swiss bank which is reeling from massive trading losses.

Ospel, whose current term as chairman expires in April, has expressed his desire since 2006 to step down after devising a suitable succession plan. He had proposed Peter Wuffli for the role, but Wuffli was ousted as chief executive and replaced with Marcel Rohner in July last year by the bank, which said at the time it asked Ospel to stand for “at least” a further three-year term as chairman.