Swiss bank UBS plunges to Q3 loss after US subprime crisis
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Switzerland's largest bank, UBS, on Tuesday reported its first quarterly loss in five years after its third quarter results were hit in the financial crisis caused by the ailing US home loans market.
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Europe&#39;s main stock markets fell as banking shares slid on speculation that French bank Societe Generale may issue a profit warning because of losses linked to US subprime mortgages.
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Swiss bank UBSâs string of stinging financial disclosures is  symptomatic of how the subprime drama has unfolded in Europe and is stoking fears of more shocks to come.
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European stocks lost steam on Wednesday ahead of a US interest rate decision with banks and oil stocks leading the slide after Swiss investment banking giant UBS (NYSE:UBS) shocked investors with a $4bn writedown.
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Morgan Stanley  on Wednesday said it has suffered a $3.7 billion loss stemming from its U.S. subprime mortgage exposure, which it expects will reduce fourth-quarter earnings by about $2.5 billion.
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Swiss banking giant UBS said on Wednesday it would post a full-year loss of 4.4 billion Swiss francs (3.5 billion dollars, 2.75 billion euros) for 2007 due to its exposure to the US subprime 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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Swiss banking giant UBS launched a 15 billion Swiss franc (9.4 billion euros, 12.3 billion dollars) share buyback scheme on Thursday, covering up to 10 percent of its capital.
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UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically scaling down its exposure to risky investments.
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JPMorgan said that its exposure to subprime mortgages devalued its portfolio by $1.3 billion.
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Banking giant UBS (UBSN.VX: Quote, Profile, Research) was cautious over prospects for the rest of the year after a lull in trading hurt its third-quarter profit, despite
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Banking giant UBS was cautious over prospects for the rest of the year after a lull in trading hurt its third-quarter profit, despite a strong showing by its blockbuster wealth management operation.
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Credit Suisse analysts estimated banks  could lose up to $52 billion over time due to their exposure to  collateralized debt obligations that invested in U.S. subprime  mortgages.
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Credit Suisse analysts estimated banks could lose up to $52 billion over time due to their exposure to collateralized debt obligations that invested in U.S. subprime mortgages.
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Barclays, the nation's third-biggest bank, said on Tuesday that net profits sank in 2007 owing to fallout from the US subprime housing crisis and the related global credit squeeze.
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Investment bank Morgan Stanley says it has suffered a $3.7bn loss from its US sub-prime mortgage exposure.
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ZURICH, Feb. 13  â The Swiss bank UBS said Tuesday that its fourth-quarter profit declined 47 percent, to 3.41 billion francs ($2.73 billion), from the year-earlier period, which benefited from the sale of assets.