Tuesday, Feb 10, 2009
Toxic Assets Unveiled
Times: UBS reports country's worst loss of SwFr20bn
UBS has reported the biggest loss by a Swiss company and outlined plans to cut a further 2,000 staff at its troubled investment bank. UBS has cut 9,000 jobs since the onset of the credit crunch, as well as writing down $49 billion (£33 billion), transferring $60 billion in toxic assets to a fund run by the Swiss National Bank and receiving a SwFr6 billion injection of fresh equity from the Swiss Government in return for a 9.3 per cent stake.
Posted by alan @ 11:27 AM (264 views) Add Comment
1 Comment
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1. Cozza said...
News from Switzerland's other bank, Credit Suisse, is deafeningly silent. I wonder why...