UBS subprime losses mount, bank deep in red
UBS subprime losses mount, bank deep in red - Yahoo! News
By Thomas Atkins Wed Jan 30, 4:26 AM ET
ZURICH (Reuters) - Subprime-related problems at UBS AG (UBSN.VX) mounted on Wednesday as the Swiss bank unveiled $4 billion in new write-downs in a surprise statement and sank deep into the red for the year.
The latest disclosure lifted the bank's total write-downs from the subprime debacle to $18.4 billion and will likely increase pressure on chairman Marcel Ospel, at the UBS helm during its push into risky U.S. investments, to resign.
UBS, world banking's leading wealth manager, posted a 12.5 billion Swiss franc ($11.45 billion) loss for the last three months of 2007 and a full-year loss of 4.4 billion francs, a grim closure to its worst performance in history.
taking the globe down with us... one bank at a time!