Sunday, December 9, 2007

The board of Swiss bank UBS AG (is holding an unscheduled meeting this weekend

UBS announce more sizable writedowns on its subprime mortgage exposure as early as Monday

Many analysts estimate that the bank may be forced to take another big writedown on these assets, amounting to CHF8 billion-CHF10 billion. UBS said earlier that it expects additional subprime writedowns in the fourth quarter, leading to a net loss in the investment banking division, but that it expects the bank to be profitable overall in the last quarter of the year.

Posted by chris @ 11:00 PM (618 views)
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