Wall Street boards to change with times?

We noted recently that the credit crunch has not given rise to a lot of board turnover at hard-hit banks. Some boards, such as Washington Mutual's board, seem bent on change. But the groundswell of shareholder anger some expected never quite materialized. Well, we may see some fireworks yet. The UBS board has announced that four of 12 directors will not be back. UBS of course has been one the biggest casualties of the crunch in Europe, and the board was obviously feeling pressure to do something. The Financial Times reports that the board wants to beef up expertise in critical areas: audit and risk, for example. I'm sure other boards are thinking about this. My guess is we'll see some very diplomatically announced  turnover over the next year or so.  

For more:
- here's the Financial Times article

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