Thursday, February 14, 2008
So no rogue traders at UBS then.
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.