UBS Posts Larger-Than-Expected Loss
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The Swiss bank reported its first quarterly loss in five years after hefty writedowns on subprime-related investments, but said it expects a group profit in the last quarter.
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UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its subprime mortgage bets.
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UBS AG said Wednesday it expects a record loss of around $11.45 billion for the fourth quarter, largely a result of bad investments in U.S. subprime mortgages.
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Will the bad news never end? On Wednesday, UBS (NYSE:UBS) revealed its third hit from the US subprime crisis, bringing the Swiss bank's total write-downs for 2007 to a staggering $18bn. This while the world is still trying to comprehend how Soci&eacute;t&eacute; G&eacute;n&eacute;rale could have failed to stop an alleged rogue trading scam in the heart of its best-performing business - equity derivatives - costing it EU4.9bn ($7.2bn) and its international credibility. ...
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UBS cut its earnings forecasts and share target prices for South Korean chip makers Samsung Electronics and Hynix Semiconductor Inc., citing bigger-than-expected price declines for DRAM memory chips.
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UBS AG said Tuesday its fourth-quarter profit rose 12 percent to 2.02 billion Swiss francs (&#36;1.79 billion), driven by higher revenue from equity trading and solid income from fees on securities managed for clients.
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Switzerland's largest bank, UBS, on Tuesday said it had suffered a loss of 830 million Swiss francs (495 million euros, 713 million dollars) in the third quarter after its results were hit by the crisis in the US home loans market.
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Banking giant UBS (UBSN.VX: Quote, Profile, Research) was cautious over prospects for the rest of the year after a seasonal lull in trading hurt its third-quarter
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Quarterly profit fell a much larger-than-expected 32 percent, hurt by mounting credit losses and poor trading results in the bankâs investment banking unit.
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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 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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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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UBS AG  reported its first quarterly loss in five years after hefty writedowns on subprime-related investments, but said it expects to turn in a group profit in the last quarter.
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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, depressing its shares.
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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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Washington Mutual Inc , the largest U.S. savings and loan, suffered a larger-than-expected $1.87 billion fourth-quarter loss on Thursday, battered by mortgage defaults and write-downs.