Wednesday, 13 February 2008
The Swiss financial giant, UBS, has unveiled a loss for the whole of 2007 after exposure to the crisis-hit US housing market hit earnings.
UBS unveiled a new $4bn writedown on investments linked to sub-prime loans, taking its total writedowns to $18.4bn.
The US sub-prime problems have hit the balance sheets of banks worldwide.
The annual loss was the first since UBS was created from the merger of Union Bank of Switzerland and Swiss Bank Corporation in 1998.
The announcement came two weeks before the Zurich-based firm was scheduled to report earnings. It said it would provide further details of its financial performance on 14 February.
Read full story on news.bbc.com
Sub-prime woes push UBS into red
UBS unveiled a new $4bn writedown on investments linked to sub-prime loans, taking its total writedowns to $18.4bn.
The US sub-prime problems have hit the balance sheets of banks worldwide.
The annual loss was the first since UBS was created from the merger of Union Bank of Switzerland and Swiss Bank Corporation in 1998.
The announcement came two weeks before the Zurich-based firm was scheduled to report earnings. It said it would provide further details of its financial performance on 14 February.
Read full story on news.bbc.com
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