UBS Posts Loss on Big Write-Down
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The bank offered no hope for a near-term turnaround after it posted a fourth-quarter loss of 12.5 billion Swiss francs ($11.3 billion) and warned that 2008 would be a difficult year.
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Citigroup Inc on Tuesday posted its first quarterly loss since its creation in 1998, hurt by write-downs for exposure to subprime mortgages and other risky debt.
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Automaker Daimler AG, which sold off most of its stake in Chrysler this year, posted a loss of $2.18 billion for the third quarter on Thursday, largely because of write-offs related to the deal.
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Shareholder advocacy group Ethos urged more clarity from UBS over its subprime losses, increasing pressure on the bank over heavy writedowns which have hammered its share price.
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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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Swiss banking giant UBS posted weaker third-quarter net profit on Tuesday, just missing market expectations, hurt by a seasonal fall in trading revenue despite a strong showing by its flagship private bank.
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Swiss banking giant UBS AG said Tuesday its third quarter net profit slipped 1 percent to 1.67 billion Swiss francs ($1.39 billion; euro1.
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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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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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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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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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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.
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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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BNP Paribas SA confirmed Wednesday that fourth-quarter net profit plunged 42 percent due to write-downs of securities affected by the financial markets crisis.
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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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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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Sovereign Bancorp Inc , the  second-largest U.S. savings and loan, on Wednesday posted a  $1.6 billion quarterly loss and canceled its dividend after a  larger-than-expected write-down for consumer credit losses and  the 2006 acquisition of a bank in Brooklyn, New York.