Thursday, Feb 14, 2008
So no rogue traders at UBS then.
Telegraph: UBS posts $13.7bn sub-prime write-down
UBS has reported the biggest ever fourth quarter loss by a bank after it made a $13.7bn (£7bn) write-down on positions related to the US sub-prime mortgage market.
The write-down at the Swiss bank caused a net loss of SFr12.5bn (£5.7bn) in the quarter, compared with a SFr3.4bn net profit in the same period last year.
UBS chief executive Marcel Rohner described last years as "one of the most difficult in our history" and warned that 2008 would be "another difficult year." The bank has already announced that 1,500 jobs will go as a result of the problems, and has warned that more could follow.
Posted by stevie dee @ 12:43 PM (207 views) Add Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.