Swiss bank UBS warns of difficult year ahead
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Swiss banking giant UBS on Friday warned of a "difficult" year ahead after losing 10 billion dollars (6.8 billion euros) in the US subprime mortgage crisis.
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Citigroup said in a research note that UBS  could face up to 20 billion Swiss francs ($18.10 billion) in new writedowns in 2008 after revealing it has $80 billion in exposures to subprime loans and other debt.
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French bank BNP Paribas warns "deepening crisis" in financial markets has dented profits.
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UBS AG  said it cannot predict the final impact of the subprime crisis but that a new capital injection would strengthen its position as it called on shareholders to support its emergency capital hike.
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More and more Swiss companies and individuals are facing the prospect of bankruptcy, according to figures published on Wednesday.
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Citigroup said in a research note that  UBS  could face up to 20 billion Swiss francs ($18.10  billion) in new writedowns in 2008 after revealing it has $80  billion in exposures to subprime loans and other debt.
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The leading Swiss banking group UBS announced a record net profit of 8.09 billion Swiss francs (5.30 billion euros, 6.62 billion dollars) in 2004, boosted by buoyant financial markets and increased fees.
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BNP Paribas , France's biggest  listed bank, said on Wednesday it expected fourth quarter  profits to be lower than a year earlier as rumors swirled that  it may pounce on weakened rival Societe Generale .
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Business & money: Swiss bank takes hit in fourth quarter but substantially less affected by sub-prime crisis than rival UBS
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Uncertainty in the global  economic outlook is rising and central banks need to be careful  at such a time, Bank of Japan Policy Board member Hidetoshi  Kamezaki said on Wednesday.
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The news was a reminder of the difficulty banks are now facing in valuing complicated financial instruments.
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Yet investors are growing increasingly worried that Goldman Sachs will fail to match its 2007 performance next year.
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Bank&#39;s 3Q profit dips, but it says &#39;04 will be better than &#39;03; wealth management stays strong. ZURICH  - Banking heavyweight UBS remained cautious about prospects for the rest of the year after a
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Business & money: Swiss bank takes a Â£5.72bn fourth-quarter hit and warns 2008 will be another difficult year
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A leading Swiss wave specialist has warned that predicting the effects of giant waves, such as the Indian Ocean tsunami, will remain difficult.
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UBS AG  has appealed to its shareholders to back a capital injection by the Singapore government and a Middle East investor but warned it still cannot predict how the subprime crisis will play out.
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Turmoil in global credit and money markets will likely continue as investors worry about the size of financial losses and where they might appear, the International Monetary Fund warned on Monday.