Tuesday, Feb 10, 2009
Its passe to mention news like this here these days.
BBC: Bad debt leads to big loss at UBS
UBS, Switzerland's largest bank, has reported a loss of 19.7bn Swiss francs ($16.8bn; £11.3bn) for 2008, due to write-downs at its investment unit. The bank, which has been hit by bad debts that sparked the credit crunch, said it made a loss of 8.1bn Swiss francs between October and December.
UBS said it remained "cautious" about prospects and would cut a further 2,000 jobs at its investment arm. The firm got a 6bn-Swiss franc bail-out from the Swiss government in October. UBS was also told at the time that it could transfer up to $60bn of distressed assets to a fund supported by the Swiss central bank.
Posted by charlie brooker @ 09:53 AM (288 views) Add Comment
1 Comment
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1. timmy t said...
Why don't we just ship these knobs off to an island and let them play monopoly so they don't c0ck up the entire world for the rest of us?