UBS Takes a $14 Billion Hit
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UBS, the largest Swiss bank, said Wednesday that it would write off $14 billion in exposure to the troubled U.S. housing market and post a net loss for 2007.
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Swiss bank UBS  said it expected 2008 to be a difficult year after it unveiled $26.6 billion in new exposure to risky U.S. mortgages, but would not say if it would return to profit in early 2008 after huge losses in 2007.
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A SLIDE of 20% in revenues from equity and bond trading knocked UBS&#39;s third-quarter financial earnings back sharply. Only a strong performance by its 56%-owned Swiss industrial holding company Motor-Columbus
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LONDON/BEIJING  - British bank Barclays  raised its bid for Dutch group ABN AMRO  to 67.5 billion euros ($93 billion) on Monday, helped by some of the biggest ever overseas investments by China and Singapore.
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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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Subprime-related problems at UBS AG 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.
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The pound draws closer to the $2 barrier, hitting a new 14-year high of $1.9748 before retreating slightly.
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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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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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So far, Credit Suisse has weathered the credit crisis better than its larger rival, UBS, which wrote down $14 billion in the same period.
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UBS AG  UBS Financial Services Inc has been censured and fined $370,000 in a settlement with the Financial Industry Regulatory Authority (FINRA) for making what the self-regulatory group said were hundreds of late disclosures about its brokers.
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Swiss bank UBS seeks backing to sell stakes in the firm as it tries to assess the impact of the US sub-prime crisis
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Merrill Lynch & Co Inc  on Thursday said it took a $14.1 billion writedown and adjustments in the fourth quarter as bad subprime mortgage bets forced the brokerage to sell pieces of the company to foreign investors to raise capital.
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Q. What does it mean for my investments that the Dow Jones industrial average hit the 14,000 mark?
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Swiss banking giant UBS plunged to its first-ever full-year net loss on Thursday after losing 18 billion dollars in the US subprime mortgage crisis.
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The No. 5 U.S. bank said third-quarter profit rose 14 percent, helped by increased lending to consumers and a decline in bad loans.
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The bankâs net income slid to $942 million, or 53 cents a share, from $1.19 billion, or 66 cents a share, in the period a year ago.